The Windfall Elimination Provision (WEP), explained

Social Security’s Windfall Elimination Provision, also know as “WEP,” is the bane of many who have earned SS benefits, but who also retired from employment which did not participate in the Federal Social Security program. About 27 U.S. States and many of their local government entities have chosen not to participate in Social Security but rather put that money into a separate (and usually more lucrative) retirement plan. Indeed, the Federal government had such a separate plan known as the Civil Service Retirement System until 1994 which it switched to another program (the Federal Employee Retirement System) which participates in Social Security. But retirees with a pension from an employer who did not participate in Social Security are affected by WEP, and that includes about 2 million retirees, including many teachers, policemen, firemen, etc., who worked also in other employment which was covered by Social Security. In this Motley Fool article by Catherine Brock, the author explains what the WEP provision is, who are affected, and how it impacts Social Security benefits. Click here to read more.

Also, if you need more information about WEP, or if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…

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