Status. We issued this to determine whether the Social Security Administration (SSA) correctly exempted Old-Age, Survivors and Disability Insurance (OASDI) benefits from the Windfall Elimination Provision (WEP). Array If we were to go and back pay everyone, it would be tens of billions of dollars that we wouldnt be able to get the support of the co-sponsors that were getting. The examples above apply only to benefits paid to the worker and do not include future COLA increases. If your retirement benefits start after your full retirement age (67), the benefit increases 8% for each year before age 70 that you delay retirement. The legislation would apply to benefits payable for months after the enactment of this act. Representative Kevin Brady (R-TX) introduced last week legislation the Equal Treatment of Public Servants Act of 2021 that would permanently replace the Windfall Elimination Provision (WEP) for those affected with a new formula for calculating Social Security benefits. Graves said he believes if they can get the bill to a vote in the house, hes confident it will pass the 218 vote threshold needed. Schedule your FREE Retirable consultation today. What's the average retirement income for 2022? The effects of the WEP were phased in between 1986 and 1990. The Congressional Research Service (CRS) has released an updated version of its report concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). Where the WEP is aimed at government workers, the Government Pension Offset (GPO) affects spouses and widows and widowers who received a federal, state, or local retirement or disability pension and did not pay Social Security taxes. S.597 - 118th Congress (2023-2024): A bill to amend title II of the WEP applies to people who receive a pension from a government job such as a teachers, first responders and state or parish employees in Louisiana. According to an Oct 4 letter from the Social Security Administration to Rep. Brady, HR-6933 would generally replace the windfall elimination provision (WEP) with a new formula for individuals becoming eligible for Social Security benefits in 2025 or later.
Melissa Firpo Chin, Articles H
Melissa Firpo Chin, Articles H
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