Millions of Retirees to Receive New Social Security Benefit Increase – Full Support Confirmed
According to Lagradaonline, The Social Security Administration (SSA) has announced exciting news for millions of retired workers: a proposed bipartisan legislation that aims to increase Social Security benefits is moving forward. This bill has garnered significant support and is set to benefit approximately three million beneficiaries.
Advancing the Social Security Fairness Act
Recently, Congress successfully advanced the Social Security Fairness Act using a discharge petition. This procedure allows a bill to progress from committee to the floor for a vote without the need for a committee report. The Social Security Fairness Act aims to close loopholes that currently prevent retirees who receive specific government pensions or other benefits from accessing their rightful Social Security payments.
The discharge petition was initiated by Democratic Representative Abigail Spanberger and Republican Representative Garrett Graves, amassing a total of 218 signatures—171 from Democrats and 47 from Republicans. This bipartisan effort indicates that Graves and Spanberger will soon request Speaker Mike Johnson to schedule a floor vote, which could occur after seven legislative days. In a joint statement, they remarked, “Today is an important milestone made possible by tireless advocates who made it clear that Congress must act. Since 2015, this is the first time a measure has been advanced using a discharge petition.”
What the Social Security Fairness Act Entails
The Social Security Fairness Act seeks to eliminate the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP). The WEP reduces Social Security benefits for individuals who qualify for benefits but also have pension income from public employment where Social Security payroll taxes were not paid, despite having made contributions to the program. Currently, Spanberger’s office estimates that approximately two million Social Security beneficiaries are affected by the WEP. Meanwhile, the GPO impacts nearly 800,000 retirees by lowering spousal payments for former federal, state, and local government workers who did not pay Social Security taxes through their employment.
Financial Implications and the Call for Fairness
If enacted at the start of fiscal year 2025, the Congressional Budget Office estimates that implementing this legislation would cost the Social Security Administration nearly $196 billion over the next ten years. Spanberger and Graves emphasized that millions of retired public servants have been waiting over 40 years for their elected officials to address this fundamental issue of fairness. From Virginia to Louisiana and beyond, these retirees deserve the Social Security benefits they have earned through years of hard work, as well as the elimination of the GPO and WEP.
Understanding the Windfall Elimination Provision (WEP)
The Windfall Elimination Provision (WEP) can significantly affect how Social Security calculates retirement or disability payments. If your employer does not withhold Social Security taxes from your pay—common among government agencies or overseas employers—your Social Security payments may be reduced, whether you are receiving retirement or disability benefits.
Certain factors can influence your benefits under the WEP. For instance, if you receive a pension from an employer that did not pay Social Security taxes, your Social Security benefits may be affected. The WEP applies to individuals who turned 62 after 1985 or became disabled after that date.
To be subject to the WEP, you must qualify for a monthly pension from employment where Social Security taxes were not paid after 1985. This provision also impacts federal employees who worked under the Civil Service Retirement System (CSRS) after 1956, though those who worked under the Federal Employees Retirement System (FERS) will not see their Social Security benefits reduced, as FERS employees have their Social Security taxes withheld.
