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The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
The Social Security Amendments of 1983 (Public Law 98-21) created the WEP. Beneficiaries who have been employed in work that does not pay into the Social Security Trust Fund and who receive a pension from that employment based upon earnings which were not covered by Social Security may see their benefits partially offset by the WEP.
The bill could also jeopardize the Social Security fund overall, critics say. Sen. Thom Tillis, R-N.C., said the Social Security trust fund is less than 10 years away from being insolvent, and ...
Source: Social Security Administration. Aside from the tax implications, knowing the annual wage base limit is important for people aiming to receive the maximum possible monthly benefit ($5,108 ...
The Windfall Elimination Provision (abbreviated WEP [1]) was a statutory provision in United States law [2] which affects benefits paid by the Social Security Administration under Title II of the Social Security Act.
The United States Social Security Administration (SSA) [2] is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits.
For this article we’ll concentrate on those who received retired-worker benefits, which accounted for approximately 74% of the SSA’s beneficiaries, as of December 2022.
The Social Security Administration (SSA) provides benefit estimates to workers through the Social Security Statement. The Statement can be accessed online by opening an online account with SSA called my Social Security. With that account, workers can also construct "what if" scenarios, helping them to understand the effect on monthly benefits ...