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The Windfall Elimination Provision (abbreviated WEP [1]) was a statutory provision in United States law [2] which affects benefits paid by the Social Security Administration under Title II of the Social Security Act.
Since 1983, one of those rules—the Windfall Elimination Provision (WEP)—has curtailed Social Security payments to retirees who worked in the public sector and received a pension.
The windfall elimination provision (WEP) is a formula that effectively reduces Social Security and disability benefits for certain retirees who receive a pension during retirement, in addition to ...
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security ...
The WEP applies once the beneficiary is both entitled to RIB and is entitled to the pension or meets all the requirements except for stopping work or filing an application. [21] There is a possibility that with enough years of coverage (YOC) that the WEP may be either reduced or waived. Anyone with 30 or more YOCs is exempt from the WEP.
The WEP and GPO provisions outline how Social Security deals with retirees who receive pensions. Under the WEP, Social Security benefits are reduced if you receive a pension from work, did not pay ...
Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.
If signed into law, the changes would be effective for benefits payable after December 2023. ... The WEP impacts about 2 million Social Security beneficiaries and the GPO nearly 800,000 retirees.