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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. The resulting number, limited to 14, is the number of years of ...
The Social Security Amendments of 1983 (Public Law 98-21) provided for the WEP as a means of eliminating the "windfall" of social security benefits received by beneficiaries who also receive a pension based on work not covered by Social Security. [3] The windfall in question refers to the subsidization of the PIA for beneficiaries with lower ...
Affecting a small percentage of Social Security beneficiaries, the Windfall Elimination Provision (WEP) is a modified benefit formula that can reduce the size of your Social Security retirement or...
The windfall elimination provision ... to 40% of your Social Security benefits. The WEP calculation is applied before other ... federal employees whose Social Security coverage began on Jan. 1 ...
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 provision does not eliminate all Social Security or Medicare eligibility if the worker has 40 quarters of qualifying income, but calculates the benefit payments by reducing the 90% multiplier in the first PIA bendpoint to 40–85% depending on the number of Years of Coverage. [44] Foreign pensions are subject to WEP.
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