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New WEP reform idea – portability & consolidation
It’s not well understood, and it draws near universal ire of those effected. It’s the Windfall Elimination Provision (WEP), which reduces Social Security benefits for those who receive a pension for work done without contributing to Social Security. Those affected are selected public employees in about 13 states. They are small in number overall, but they’re a powerful lobby. Brenton Smith of the Heartland Institute writes here about informing workers in noncovered employment up front about benefit reductions later (as many are “shocked” to hear about WEP in retirement) and suggests a new idea– benefits portability. Read here for more details.