House passes Social Security Fairness Act

by / ⠀News / November 15, 2024
House passes Social Security Fairness Act

The U.S. House of Representatives passed the Social Security Fairness Act. The bill aims to eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions have reduced Social Security benefits for many public sector employees.

The bill was introduced by Representatives Garret Graves (R-LA-06) and Abigail Spanberger (D-VA-07). It has gained bipartisan support, with 330 cosponsors in the House. The House passed the bill with a majority vote of 327 to 75.

“By passing the Social Security Fairness Act, a bipartisan majority of the U.S. House of Representatives showed up for the millions of Americans — police officers, teachers, firefighters, and other local and state public servants,” said Representatives Graves and Spanberger in a statement. The WEP reduces the earned Social Security benefits of individuals who also receive a public pension from a job not covered by Social Security. The GPO affects the spousal benefits of people who work as federal, state, or local government employees.

House addresses Social Security provisions

It reduces by two-thirds the benefit received by surviving spouses who also collect a government pension. The bill now faces the Senate.

See also  Buffett's New Favorite: Domino's Pizza Stock

The Senate’s version of the Social Security Fairness Act has 62 cosponsors. This surpasses the majority needed to pass the bill on the Senate floor. Advocacy groups, such as the National Active and Retired Federal Employees Association (NARFE) and the Federal Managers Association (FMA), have urged the Senate to prioritize the bill.

However, the Senate’s legislative schedule could complicate matters, with other important bills also demanding attention. If enacted, there might still be a period before the changes are implemented. The Social Security Administration would need to execute the changes, and it’s unclear how long that would take.

The elimination of the WEP and GPO would rectify long-standing inequities. It would ensure a fairer distribution of Social Security benefits to those who have served their communities and the nation.

About The Author

Kimberly Zhang

Editor in Chief of Under30CEO. I have a passion for helping educate the next generation of leaders. MBA from Graduate School of Business. Former tech startup founder. Regular speaker at entrepreneurship conferences and events.

x

Get Funded Faster!

Proven Pitch Deck

Signup for our newsletter to get access to our proven pitch deck template.