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News You Should Know

News You Should Know: Lawmaker Proposes New WEP Formula

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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.

Alzheimer’s Drug Leqembi Has Full FDA Approval Now and That Means Medicare Will Pay For It | The Associated Press

The U.S. Food and Drug Administration gave its full approval to the new Alzheimer’s drug Leqembi, meaning the agency believes the medication is safe and effective. Full approval means Medicare will cover the drug, despite earlier concerns about its cost and the effects on Medicare’s finances.

Gen X Should Prepare Now for the Great Wealth Transfer | Kiplinger

An event known as the Great Wealth Transfer — when Baby Boomers will hand down an estimated $84 trillion to their children and others — is expected to take place over the next several decades. Many of the beneficiaries of that transfer are members of Generation X, and they may find themselves with newfound money or other assets they’re not sure how to manage.

Understanding Caregiver Burnout | Next Avenue

When a loved one suddenly falls ill or otherwise loses the ability to care for themselves, a spouse or relative often ends up in the role of caretaker. It’s a role that brings its own share of challenges, and it’s important to make sure the caregiver is also getting the care they need.

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.


  1. Patricia Matteo says:

    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.

    • lynn S says:

      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!

  2. lynn S says:

    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!

  3. Christy Dowling says:

    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

    • Pixel Chi says:

      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”.

  4. Joseph Brandon Smith says:


    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).

  5. Gina says:

    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!

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