President Joe Biden has signed the Social Security Fairness Act into law, resulting in increased Social Security payments for nearly 3 million public employees, including teachers, firefighters, and police officers.
The legislation repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which previously reduced benefits for individuals receiving pensions from non-Social Security-covered employment.
The Congressional Budget Office estimates that eliminating these provisions will boost monthly payments by an average of $360 to over $1,190 for affected recipients by December 2025.
While the act addresses long-standing disparities, it may accelerate the depletion of Social Security Trust Funds, with insolvency now projected to occur about six months earlier than previously estimated.
The law takes effect retroactively from January 2024, with backdated payments owed to eligible individuals.
Biden Signs Social Security Fairness Act into Law
Higher Social Security payments coming for millions of people from bill that Biden signed
TodayReutersBiden signs Social Security measure to expand benefits for some retireesTodayBarron’sBiden Is Set to Sign Social Security Law in a Boost for Government Retirees
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