James48843
Well-known member
President Biden signed the Social Security law change today.
The Social Security Fairness Act had bipartisan support, yet faced last-minute objections from some Republicans due to its cost. According to the Congressional Budget Office, the law would add an estimated $195 billion to the federal deficit over a decade.
The benefits hike under the new law would be retroactive to December 2023. As a result, eligible recipients who previously only received partial benefits will get a full payment retroactive to a year ago.
Specifically, the new Social Security law repeals policies known as the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which together act to reduce Social Security payments to 2.5 million retirees.
The Congressional Budget Office estimated in September that eliminating the WEP would increase monthly payments to affected Social Security recipients by an average of $360 by December 2025, according to the Associated Press.
www.whitehouse.gov
The Social Security Fairness Act had bipartisan support, yet faced last-minute objections from some Republicans due to its cost. According to the Congressional Budget Office, the law would add an estimated $195 billion to the federal deficit over a decade.
The benefits hike under the new law would be retroactive to December 2023. As a result, eligible recipients who previously only received partial benefits will get a full payment retroactive to a year ago.
Specifically, the new Social Security law repeals policies known as the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which together act to reduce Social Security payments to 2.5 million retirees.
The Congressional Budget Office estimated in September that eliminating the WEP would increase monthly payments to affected Social Security recipients by an average of $360 by December 2025, according to the Associated Press.
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