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Obama campaigned to repeal the unfair Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) - laws which have stripped millions of our elderly of the bulk of their earned Social Security benefits. Obama promised he would support passage of the Social Security Fairness Act.
The purpose of these two 1980s-era programs was "so that there was no way you could 'double dip' into both a federal pension and Social Security," explains Jill Schlesinger, CBS News business analyst.
The following steps were taken in determining the WEP PIA with the Modified Old Start 1977 Method: [4] (See Primary Insurance Amount for clarification) 1. Compute the raw 1977 Simplified Old Start PIA. 2. Reduce the PIA to 50% and round down to the nearest dime. 3. Reduce the PIA from step 1 by 50% of the non-covered pension amount. 4.
The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision. [1] The bill passed the House in November 2024 and then passed the Senate in December. [2] It was signed into law by President Biden on January 5, 2025. [3]
"According to the Social Security Administration, in November 2024, more than 2 million people, including more than 20,000 in Maine, had their Social Security benefits reduced by the (Windfall ...
The windfall elimination provision (WEP) is a formula that effectively reduces Social Security and disability benefits for certain retirees who receive a pension during retirement, in addition to ...
Affecting a small percentage of Social Security beneficiaries, the Windfall Elimination Provision (WEP) is a modified benefit formula that can reduce the size of your Social Security retirement or...
Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.