01-15-25 AM Goldco & the Social Security Fairness Act

Today’s Story

President Joe Biden has signed the Social Security Fairness Act into law, repealing the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions had reduced Social Security benefits for public sector retirees, including teachers, police officers, and firefighters, who also received pensions from non-Social Security-covered employment. The repeal is expected to benefit over 2 million retirees, restoring full Social Security payments and providing retroactive payments from January 2024.

While this change addresses long-standing benefit reductions, critics express concern about its impact on Social Security's financial health. The Congressional Budget Office estimates that the repeal could accelerate the depletion of the Social Security trust fund by about six months, with insolvency now projected around 2033.

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The Windfall Elimination Provision and Government Pension Offset were enacted in the 1980s to prevent "double-dipping" into federal pensions and Social Security.