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According to Carroll, the WEP reduces benefits based on an individual’s own work record, while the GPO reduces spousal or survivor benefits that an individual has otherwise been entitled to receive.
The WEP formula takes into account the number of years you did have Social Security taxes withheld. It then uses a sliding scale to determine your eligibility year (ELY) benefits. How the WEP is ...
2. Choose the percentage of the first bend-point to be the higher of the percentage based on the eligibility year or the percentage based on the YOCs acquired. 3. Calculate the PIA based on this, rounding down to the nearest dime. 4. Calculate the PIA normally and reduce by 50% of the amount of the non-covered pension's monthly payment. 5.
Under the WEP, Social Security benefits are reduced if you receive a pension from work, did not pay into Social Security, and had fewer than 30 years of “substantial” employment or covered ...
Years of coverage are calculated in two different manners. Because the amount paid into the Social Security Trust Fund were not identified by year prior to 1951, [3] Years of coverage before 1951 are determined by dividing pre-1951 earnings by $900.00 with any remainder dropped.
Image source: Getty Images. This bill would expand Social Security benefits for more than 2.7 million beneficiaries. But it comes at a cost that all workers and retirees may soon have to grapple with.