Election Results – Open Member Seat
I am pleased to announce that the results of our recent election are in!
Social Security Announces Expedited Retroactive Payments and Higher Monthly Benefits for Millions
On December 21, 2024, the U.S. Senate voted to approve H.R. 82 (the Social Security Fairness Act) without amendment to repeal WEP and GPO. These provisions reduced or eliminated the Social Security benefits for public sector workers who receive a pension based on work that was not covered by Social Security (a “non-covered pension”) because they did not pay Social Security taxes.
The Social Security Fairness Act was signed into law on January 5, 2025, but it applies retroactively to all monthly insurance payments made after December 2023. Anyone whose monthly benefit is adjusted, or who will get a retroactive payment, will receive a mailed notice from Social Security explaining the benefit change or retroactive payment.
Per yesterday's announcement, most impacted beneficiaries will receive their one-time retroactive payment by the end of March, which will be deposited into their bank account on record with Social Security.
Research Quantifies the Broad Economic Impact of Pension Payments
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 Biden Signs Social Security Fairness Act into Law
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.