Congress is preparing to take up a big package that, if approved, will raise Social Security benefits for some Americans. It is still a plan, though.
According to Newsweek, Representatives Garret Graves, a Republican from Louisiana, and Abigail Spanberger, a Democrat from Virginia, will file a petition to put the Social Security Fairness Act up for vote in September 2024.
What is the aim of this Social Security Bill?
It is the goal of this law to get rid of the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP).
At the moment, the WEP and GPO cut Social Security benefits for a lot of Americans. There are 325 people who have signed on to support the bill, and it only needs 218 signatures to go to the House floor for a vote.
Millions of Americans, including police officers, teachers, firefighters, and other local and state public workers, have lost their benefits for more than 40 years. This is an unfair punishment for working hard to serve their communities and fellow Americans.
These people in Virginia, Louisiana, and all over the United States deserve their full retirement payments, just like everyone else who has paid into Social Security. Spanberger and Graves said in a statement together.
This bill aims to make things fair again and make sure that people who have worked hard for the government all their lives get the retirement benefits they earn.
They also said, “We have worked together for years to get support from both parties for this effort and to urge House Leadership to do something real to fix this wrong.” Due to the fact that those attempts have stopped, we are now using all the tools we have to finally finish this.
The Social Security Fairness Act: A Step Towards Justice
Representatives Spanberger and Graves have said that the Social Security Fairness Act could get rid of unfair fines that are put on people who work for the government. The goal of this bill is to fix the unfair situations that people who have worked hard for the government have to deal with.
Understanding the WEP and Its Impact
The Windfall Elimination Provision (WEP) lowers the amount of earned Social Security payments if the person also gets a public pension from a job that isn’t covered by SSA. For example, this rule makes it so that teachers who work in public schools and also have part-time jobs get less money.
The GPO: A Barrier for Government Employees
In the same way, the Government Pension Offset (GPO) changes spousal payments for people who work for the government in jobs that aren’t covered by Social Security. This means that surviving wives who also get a government pension may see their benefits cut by as much as two-thirds.
Why This Matters
These rules have been a source of frustration and financial stress for public workers for a long time. The goal of the Social Security Fairness Act is to fix these problems and make sure that people who have worked their whole lives to help others are not punished unfairly. We can help our public workers more fairly and equally if we get rid of these unfair punishments.
- WEP (Windfall Elimination Provision): Reduces Social Security benefits for those with public pensions.
- GPO (Government Pension Offset): Cuts spousal benefits for government employees with public pensions.
Moving Forward
Representatives Spanberger and Graves are still determined to get the Social Security Fairness Act passed, even though there have been problems and delays. We need to do something concrete to show our support for our public workers and make sure they get the benefits they deserve.
On November 5, 2020, in Burbank, California, a woman stands outside of a building for the US Social Security Administration. Many Americans would get more money from Social Security if a new bill passes.
Exciting Changes Could Be on the Horizon for Social Security Benefits
According to Newsweek, Alex Beene, a financial literacy teacher at the University of Tennessee at Martin, says that people who get Social Security benefits are at the forefront of many new bills and ideas. This is for good reason.
“There are many possible changes that could vastly improve the lives of individuals and families by giving them more money at a time when they really need it.”
This bill aims to change WEP and GPO, two parts of the system that lower Social Security benefits for some state and government workers in different jobs in different states.
What Does This Mean for You?
If this new plan is passed, it could have a big effect on Social Security benefits, especially for people who are affected by the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP). At the moment, these rules cut benefits for some state and government workers. The changes are meant to:
- Increase funding for individuals and families in need.
- Remove or reduce the impact of WEP and GPO on benefit calculations.
- Provide more equitable benefits across different states and job types.
At a time when many Americans need financial security more than ever, these changes are very important. Getting more money from Social Security could help people who need it a lot.
It is very important to know about any changes that might be made to Social Security payments. As new bills and ideas come up, keeping up with them can help you figure out how they might affect you and your family.
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