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The Social Security Fairness Act (SSFA), which was recently signed into law on Jan. 5, by President Joe Biden, eliminates rules that reduce Social Security benefits for those who also get income ...
President Biden signed legislation into law over the weekend to expand Social Security benefits for droves of Americans. The measure, dubbed the Social Security Fairness Act, repeals two tax rules ...
The U.S. Senate recently voted to proceed with the Social Security Fairness Act, a bipartisan bill that could expand Social Security benefits for nearly 3 million Americans.
Before Biden signed the bill, the WEP reduced Social Security for those who earned “non-covered” pension income (which includes pensions from state and local governments, as well as non-U.S ...
Decades in the making, the bill would repeal two federal policies — the Windfall Elimination Provision and the Government Pension Offset — that currently limit Social Security payouts for roughly 2.8 million people, according to reports from the Congressional Research Service.
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.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.