On January 5th of this year, the Social Security Fairness Act was signed. The law repeals the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP), two provisions that reduced Social Security benefits for certain individuals with non-covered pensions. We have summarized up key points in the bullets below:
· WEP and GPO eliminated: Public-sector workers will now receive full Social Security benefits.
· Applies to benefits starting January 2024: Prior reductions will be reimbursed. This payment may impact your 2025 tax bracket or Medicare premiums.
· One-time repayment: Automatically deposited into your SSA-linked account.
· Check your SSA account: Visit ssa.gov/myaccount to confirm contact and deposit details.
As always - with new information may come questions. Please never hesitate to reach out to your DeRose FPG Team for guidance on these changes!
