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The recently signed Social Security Fairness Act could benefit 3.2 million public service workers, eliminating provisions that reduced their benefits and allowing for retroactive payments from 2024.
The two dumped provisions were the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). ... Any retroactive payments also cover benefits that were unpaid from January 2024 ...
The Government Pension Offset reduces survivor or spousal benefits if a person’s pension is non-covered. GPO affects fewer people, but it cuts the Social Security benefit by two-thirds of the ...
The Government Pension ... The law was intended to restore full benefits to these retirees and provide retroactive payments dating back to January 2024. ... spousal benefits, and various pension ...
Winter Fuel Payment is not available to people living in Scotland, as the Scottish government plans to introduce a Pension Age Winter Heating Payment to replace it. "For winter 2024–2025, the Department for Work and Pensions (DWP) has committed to make payments this winter to eligible pensioners in Scotland on terms equivalent to Winter Fuel ...
December 17, 2024 at 12:37 PM. ... The GPO cuts by two-thirds the benefit received by surviving spouses who also collect a government pension, often offsetting benefits entirely.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
It may decrease their Social Security payments by up to half the value of their pension. For example, Michelle Cosgrove's benefits will be cut nearly in half — reduced by $557, to $601.