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WILL THE NEW SOCIAL SECURITY LAW INCREASE YOUR BENEFITS?

On January 5, 2025 president Biden signed the  Social Security Fairness Act, which increase Social Security pensions for SOME recipients.  But who does this law affect?

It affects individuals who received public or government pensions from the federal government or a state or local government.  In many instances, employees of government entities paid into the Social Security program but were also covered by their "public" or government pension, thus entitling them to pension benefits under both plans.

 The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) − reduced Social Security benefits to a portion of retirees who received government pension income. The provisions affected about two and one-half million Americans.

By eliminating the WEP and GPO, the average benefit of those affected will increase by about $360 per month.

However, the majority of Social Security recipients are not affected by this new law. So, the vast majority of individuals who receive Social Security retirement pensions will not see an increase in their benefits.




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