The measure repeals two tax rules, the Windfall Elimination Provision and the Government Pension Offset, that reduce benefits for those with public pensions from jobs that weren’t subject to Social Security taxes, such as teachers, first responders, and other government employees.
SENATE RACES TO APPROVE SOCIAL SECURITY EXPANSION BEFORE END OF CONGRESS
The Democratic-led Senate passed the measure 76-20. It cleared the GOP-controlled House 327-75 last month and will now head to President Joe Biden for his signature.
The changes are effective for benefits payable after December 2023. It’s unclear how quickly the Social Security Administration will be able to update future benefits and make retroactive payments.
SSA has an online tool that estimates how pensions may reduce benefits.
“Social Security is the foundation of retirement income for most…
