Senate Passes Social Security Fairness Act

 

WASHINGTON, D.C. - The U.S. Senate has passed the Social Security Fairness Act with a vote of 74-20, aimed at enhancing Social Security benefits for around 3 million public service retirees by repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions previously reduced benefits for individuals receiving pensions from jobs that did not pay into Social Security. The legislation, which saw opposition mainly from Republican senators, is now awaiting President Biden's signature.

The Congressional Budget Office has estimated that this bill would add about $196 billion to federal deficits over a decade and would accelerate the depletion of the Social Security trust fund by six months. Critics point out this could impact the long-term solvency of Social Security, although advocates argue for the fairness and necessity of the change for public sector workers.

"Tonight, the Senate finally corrects a fifty-year mistake by passing the Social Security Fairness Act," Senate Majority Leader Chuck Schumer (D-NY) posted on X.

"Millions of retired teachers and firefighters and letter carriers and state and local workers have waited decades for this moment."

Provisions Repealed: 

Windfall Elimination Provision (WEP): This provision reduces Social Security benefits for individuals who receive pensions from jobs not covered by Social Security. 

Government Pension Offset (GPO): This affects how much spousal or survivor benefits one can receive from Social Security if they also receive a government pension from work where they did not pay into Social Security.