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The Savings Game: Social Security Fairness Act passes the Senate


Published on 2024-12-24 23:20:59 - MSN
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  • I wrote about the Social Security Fairness Act, a bill intended to give relief to individuals who earned a pension from work outside Social Security and who also had also done other work where they paid FICA taxes and therefore earned benefits from Social Security.

The article from MSN discusses the recent passage of the Social Security Fairness Act by the U.S. Senate. This legislation aims to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which currently reduce or eliminate Social Security benefits for many public sector workers, including teachers, police officers, and firefighters, who also receive pensions from non-Social Security covered employment. The bill, which has garnered bipartisan support, seeks to address the perceived unfairness in how these benefits are calculated, potentially allowing millions of retirees to receive full Social Security benefits. However, the article notes that while the Senate has passed the bill, it still needs approval from the House of Representatives and the President before it can become law. The passage of this act could significantly impact the retirement income of many public servants, providing them with a more equitable benefit structure.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/the-savings-game-social-security-fairness-act-passes-the-senate/ar-AA1ws93j ]