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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 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.
December 6, 2023 at 9:51 AM. zimmytws / Getty Images/iStockphoto. ... Under the WEP, Social Security benefits are reduced if you receive a pension from work, did not pay into Social Security, and ...
A recent hearing by the U.S. House Ways and Means Committee’s Subcommittee on Social Security concluded that the WEP and GPO deny public servants “their hard-earned retirement benefits ...
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision.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 Social Security Fairness Act, which would increase benefits for 2.8 million retirees, has bipartisan support but time running out. Social Security bill to expand benefits is in the hands of ...
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...