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More on the recently enacted “Social Security Fairness Act” - KeralaCo Bank
In early January, President Biden signed legislation called the “Social Security Fairness Act,” and much has been written about how that will affect Social Security beneficiaries. This Kerala Co Bank article provides considerable detail about the new legislation, including who, and who will not, receive benefits.
The article explains that the only people affected are those who receive a federal, state, or local government pension and who did not contribute to Social Security while earning that pension, and who otherwise become separately entitled to Social Security benefits. Two provisions (known as the Windfall Elimination Provision and the Government Pension Offset) enacted in 1983 reduced SS benefits for those with a “non-covered” government pension. The new Social Security Fairness Act repeals that past legislation, thus providing additional Social Security to all previously affected.
But it is important to understand that only those who have a separate government pension earned without contributing to Social Security will benefit from the new legislation. That includes about 3.2 million individuals - teachers, police and firemen, and other public servants - but excludes the remaining 62 million Social Security beneficiaries. That means that somewhat less than 5% of all Social Security recipients will see any benefit from the Social Security Fairness Act. This is all explained by Samarth Choudhary in this KeralaCo Bank article.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.