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Updated January 29, 2025 at 11:35 AM Retired Middlebury, Connecticut school teacher Bill Callahan waited 40 years for Congress to pass a bill to eliminate the reduction in Social Security benefits ...
Instead of applying COLA to the roughly $839 Social Security benefit Callahan would have received without WEP, he said his COLA is based on the amount after his $480 WEP deduction. In 2025, he ...
In 2024, HR 82, the Social Security Fairness Act—repealing the WEP—passed both houses of Congress, and was signed by President Joe Biden on January 5, 2025. [11] According to the Congressional Research Service, approximately 2.1 million people were affected by the WEP as of December 2023.
The second tier, for those who are reaching their full retirement age, reduces the benefits for the year by $1 for every full $3 the beneficiary earns over the second tier annual exempt amount. [15] The first tier annual exempt amount is $18,960 and the second tier annual exempt amount is $50,520 for the year 2021. [16]
The windfall elimination provision and government pension offset both can reduce the Social Security payments a public employee collects. ... benefits once in retirement up to a maximum of 30 ...
The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision.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]
The House of Representatives approved a bipartisan bill on Tuesday that would increase social security benefits for millions of public service workers.
These numbers are expected to rise in 2025 in line with inflation, but you'll want to pay attention to the specific limit that applies to you. 3. Social Security's wage cap