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The Retirement Board recently held an election to fill two positions on the Retirement Board created by the expiring terms of (Ret.) Major Wayne Stewart and Sergeant Chad Pickens. (Ret.) Major Wayne Stewart was re-elected to fill the seat designated for a Retired Member of the Police Plan. Officer James Manley was elected to fill the seat of an active member of the Police plan who has yet to attain the rank of Sergeant or above. Mr. Stewart and Mr. Manley will begin their terms on July 1, 2024.
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).
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
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 next Retirement Board meeting will be held Thursday, June 12th @ 9:00am at the Public Safety Credit Union.