A proposed “Social Security New Bill” is poised to boost Social Security payouts for certain Americans if approved. Sponsored by Representatives Abigail Spanberger (D-VA) and Garret Graves (R-LA), the bill seeks to eliminate two long-standing provisions, the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP).
These rules have reduced Social Security benefits for millions of retirees, particularly public servants like teachers, police officers, and firefighters. Let’s explore what this potential change could mean for affected Americans.
What the Bill Aims to Do
For over 40 years, the GPO and WEP have impacted Social Security benefits for certain groups of retirees:
- Windfall Elimination Provision (WEP): This rule reduces Social Security benefits for individuals who receive a public pension from non-Social Security-covered employment (such as teaching or local government jobs). For example, a teacher who also worked part-time in a Social Security-covered job might see their benefits lowered.
- Government Pension Offset (GPO): This provision affects government employees who also qualify for Social Security spousal or survivor benefits. Their Social Security payments may be reduced by two-thirds of their government pension.
If the new bill passes, it will eliminate these provisions, providing full Social Security benefits to millions of retirees who have been affected.
Spanberger and Graves argue that public servants who have contributed significantly to their communities deserve the same level of Social Security benefits as all other retirees who paid into the system.
How This Impacts Public Servants
The bill, if passed, would represent a major shift for public service retirees. Current regulations mean that many retired police officers, firefighters, and teachers receive less than their full Social Security benefits.
The proposed change would ensure that their contributions to public service are not unfairly penalized.
In total, the GPO and WEP impact over 2.8 million Social Security beneficiaries. These reductions have caused financial strain for many retirees, leading to calls for reform.
Alex Beene, a financial literacy instructor at the University of Tennessee, sees the proposed legislation as a potential “game changer.” Beene highlights that increased benefits could offer greater financial stability for many retirees, especially during challenging economic times.
Why Reform is Needed
The proposed changes come at a critical time. Social Security faces a projected funding shortfall that could lead to a 17% reduction in benefits by 2033 if Congress fails to act.
Martin O’Malley, former commissioner of Social Security, has noted that although challenges lie ahead, solutions are within reach if lawmakers address the issue proactively.
Eliminating the GPO and WEP is one potential measure to improve fairness for retirees while shoring up Social Security’s long-term financial stability. The bipartisan support for the bill demonstrates widespread recognition of the need for reform.
Fact Check on Social Security Benefit Rumors
Rumors about large increases in Social Security checks often surface online. It’s important to rely on verified information from the Social Security Administration (SSA) or other official government sources.
While no federal announcement in 2024 has confirmed across-the-board increases, any changes or new proposals, such as this bill, will be thoroughly communicated through official channels.
If you have questions about your eligibility, potential changes in benefits, or payment schedules, consult the SSA’s official website or a qualified financial advisor.
