Public and private sector defined benefit pension fund payments added $224.3 billion in tax revenue to the U.S. economy in 2022, according to the National Institute on Retirement Security.
Research Quantifies the Broad Economic Impact of Pension Payments | PLANSPONSOR
Yesterday, the Social Security Administration announced that it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to public sector workers whose benefits have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
President Joe Biden has signed the Social Security Fairness Act, repealing the Windfall Elimination Provision and Government Pension Offset, ensuring retired law enforcement officers receive their full earned Social Security benefits.
The Social Security Fairness Act, aiming to repeal the Windfall Elimination Provision and Government Pension Offset, awaits President Biden's signature after passing both the House and Senate.