Neal Reintroduces Proposal to Fix WEP | American Society of Pension Professionals & Actuaries
Rep. Richard Neal (D-MA) is among the members of Congress who are renewing efforts to modify or repeal Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Neal’s bill, the Public Servants Protection and Fairness Act of 2023, would update the WEP to create a new, proportional formula for calculating a pensioner’s Social Security benefit.
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News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.
Windfall elimination provisionA provision of federal law that may reduce Social Security benefit payments to retirees who receive a pension based on work during which they did not contribute to Social Security. The WEP does not apply to those with 30 or more years of substantial earnings in Social Security.Government pension offsetA provision of federal law that reduces Social Security dependent benefit payments to spouses, widows, and widowers who receive a government pension like PERA.
RE: Neal Reintroduces Proposal to Fix WEP | American Society of Pension Professionals & Actuaries. I certainly hope that those of us who are receiving a Survivor’s benefit will be able to continue doing so once we start collecting PERA. Especially, those of us who have been a secretary or paraprofessional and haven’t made large earnings like some. At 70 years old, I depend on my Social Security benefit as will also depend on any PERA I might receive if and when I can retire.
It’s called WEP because you really do weep when you find out the cuts and that a bill is introduced every session with no hope of passing!
It’s called WEP because you really do weep when you find out the cuts and that a bill is introduced every session with no hope of passing!
As part of WEP bill, I think those of us who have for decades lost about half of our Social Security benefits should receive a lump sum to make up for some losses, since we won’t live long enough to reap any benefits. And WEP hasn’t even happened!! Again the middle class and working poor are the ones keeping the government running and funded. Tax the wealthy
Be careful what you wish for. With the current progressive income tax code strangling the middle class, especially single taxpayers, if your hoped for WEP windfall payment came true, all of a sudden in the tax year you took the payment, you would be considered the “wealthy”.
TIME TO CONTACT YOUR TWO COLORADO US SENATORS:
First, contact them to ask when WEP and GPO will be repealed, or at least sent to the President to become law?
Most likely you’ll get a line of double talk (and put on a mailing list asking for donation$), whereupon contact them one last time to explain they get to decide what they vote on, but all you can vote on is them (and you’ll only vote for them if WEP and GPO are repealed). Period!
Cost to repeal WEP and GPO are crumbs compared to pandemic relief fraud and other governmental waste. It’s not that a bit more grift is beyond them, but that repeal would simply be the right thing to do (if they pretend retired public servants are well-heeled lobbyists, that should make it easy).
We are only asking for the SSN $$$ that we paid in year after year when working second jobs to go to college and to supplement our teachers salaries!