The legislation improves benefits for public service retirees but raises concerns over Social Security’s solvency.
President Biden signed the Social Security Fairness Act this past weekend. The legislation increases benefits for nearly three million retired public employees, including teachers, firefighters, and police officers. The law eliminates the Windfall Elimination Provision and Government Pension Offset, which previously reduced Social Security payments for retirees receiving pensions from state or local government jobs.
These changes will retroactively adjust benefits starting January 2024, with estimated increases averaging $360 to $1,190 per month. Supporters of the act commended the correction of a long-standing disparity, however, the law will accelerate Social Security’s projected insolvency by about six months.
During the signing ceremony at the White House, President Biden affirmed, “Americans who have worked hard all their life to make an honest living should be able to retire with economic security and dignity.”
As the Lord Leads, Pray with Us…
- For the president and his advisors as they make decisions and take action in these final weeks of the term.
- For members of the House and Senate to be discerning as they determine their legislative agenda for the new Congress.
Sources: AP News, CBS News
