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Social Security Fairness Act explained
Katie Brockman explains The Social Security Fairness Act here. Pending President Biden’s signature, it repeals two federal policies: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). WEP affects those who have worked long enough to qualify for Social Security benefits under one job but are also entitled to a workplace pension from a different job that doesn’t pay into Social Security. This includes some state and local government employees, such as teachers, postal workers, and police officers. You generally only need to work and pay Social Security taxes for 10 years to qualify for retirement benefits. However, if you’ve worked for fewer than 30 years in a job that entitles you to Social Security and you can receive a workplace pension, those benefits could be substantially reduced. GPO affects those who are entitled to spousal or survivors benefits as well as a workplace pension. Under GPO, your benefit could be reduced by 2/3 of what you’re collecting from your pension. Read more here.