President Biden is expected to sign legislation on Monday extending full Social Security benefits to nearly 3 million American retirees, according to advocates of the measure.
Social Security fairness, decades in the making Work Two federal policies would be eliminated that prevent former police officers, firefighters, postal workers, teachers and others with public pensions from collecting their full Social Security benefits.
After senators approved the legislation in the final hours of the 118th Congress on December 21, Senate Majority Leader Chuck Schumer, Democrat of New York, declared, “The Senate has finally righted a 50-year-old mistake.”
Organizations representing firefighters and police officers told members they have been informed that Mr. Biden is ready to sign the bill. was scheduled for president Catch According to the International Association of Fire Fighters, IAFF and the National Association of Police Organizations (NAPO), there will be a signing ceremony for the measure at 10 a.m. Eastern time on Monday, although their schedule is subject to change.
IAFF General Secretary Edward Kelly was invited to the signing. An IAFF spokesperson told CBS MoneyWatch, “IAFF has been working on this issue for years, and Mr. Kelly has been lobbying on Capitol Hill to repeal the WEP/GPO.”
NAPO leadership was informed about the upcoming event by the White House, NAPO told its members Post On social media.
Shannon Benton, executive director of the Senior Citizens League, said the bill's passage “is a major victory for millions of public service workers who have been denied the full benefits they have earned.” “Finally restores fairness to the system and ensures that the hard work of teachers, first responders and countless public employees is truly recognized.”
The White House did not respond to requests for comment.
What is the Social Security Fairness Act?
The Social Security Fairness Act would repeal two federal policies – the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – that reduce Social Security payments for nearly 3 million retirees.
It also includes people who draw pensions from state and federal jobs not covered by Social Security, including teachers, police officers and U.S. postal workers. The bill would also repeal another provision that reduces Social Security benefits for surviving spouses and family members of those workers. About WEP 2 million Social Security Beneficiaries and GPOs Approx. 800,000 retired.
The Senate held its first hearing on the policies in 2003.
The measure had bipartisan support, yet faced last-minute objections from some Republicans because of its cost. According to the Congressional Budget Office, an estimate would be added to the proposed legislation. $195 billion For more than a decade of federal deficits.
Senate supporters of the bill, including Louisiana Republican Bill Cassidy, argued that although Social Security's funding shortfall needs to be addressed, it should not be done at the expense of retirees with public pensions.
When will the Social Security Fairness Act go into effect?
Once signed into law, the legislation is retroactive to Social Security payments beginning in January 2024 Basic lesson Of the bill. This means eligible recipients who previously received only partial benefits will receive full payments a year earlier.
Still, calculating the beneficiaries' ownership may not be simple or quick.
“The Social Security Fairness Act would eliminate the reduction in Social Security benefits when people are entitled to a public pension from work that is not covered by Social Security,” the Social Security Administration said in a statement. update Thursday. “The Social Security Administration is evaluating how to implement the Act if it becomes law. We will provide more information as it becomes available.”
Americans who previously applied for partially or completely offset Social Security benefits do not need to take any action other than verifying that the Social Security Administration has their current mailing address and direct deposit information.
“Most people can do this online from their personal My Social Security account without calling or visiting Social Security. Visit www.ssa.gov/myaccount To sign in or create your account,” the agency advised.
It says workers with public pensions who are interested in applying for Social Security benefits can apply online at ssa.gov or schedule an appointment.