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by: Reuters

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by: Reuters

Why US Congress restored Social Security benefits for public-sector retirees

Social Security is an earned benefit. You become eligible by paying the payroll tax during your working years, and the amount you get is geared to your wage history - with a glaring exception.
  • Fri, December 27, 2024

by: Newsweek

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by: inc42

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by: Fortune

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by: Kiplinger

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by: MSN

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by: Reuters

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by: MSN

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by: Forbes

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by: AOL

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by: AOL

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by: Forbes

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Why US Congress restored Social Security benefits for public-sector retirees

Social Security is an earned benefit. You become eligible by paying the payroll tax during your working years, and the amount you get is geared to your wage history - with a glaring exception.
The article from Reuters discusses how the U.S. Congress passed a bill to restore Social Security benefits for certain public sector retirees, particularly those who worked in states like California, Massachusetts, and Illinois, where they were not covered by Social Security during their employment. This legislative action was spurred by the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which previously reduced or eliminated Social Security benefits for these retirees. The new law aims to rectify what many saw as an unfair penalty, allowing these retirees to receive full or partial benefits they would have been entitled to without these provisions. The move was supported by both parties in Congress, reflecting a bipartisan recognition of the need to address the inequities faced by public sector workers, especially teachers, police officers, and firefighters, who often did not pay into Social Security during their careers. The restoration of these benefits is seen as a step towards fairness in retirement security for public servants.

Read the Full Reuters Article at:
https://www.reuters.com/business/finance/why-us-congress-restored-social-security-benefits-public-sector-retirees-2024-12-26/

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