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This Little-Known Pension Rule May Slash Your Social Security Benefit
If you are covered by a public sector pension, you may not get the Social Security payout you’re expecting.
Some U.S. workers who have paid into the Social Security system are in for a rude awakening when the checks start coming: Their benefits could be chopped up to $413 per month without advance warning. That is the maximum potential cut for 2015 stemming from the Windfall Elimination Provision (WEP), a little-understood rule that was signed into law in 1983 to prevent double-dipping from both Social Security and public sector pensions. A sister rule called the Government Pension Offset (GPO) can result in even sharper cuts to spousal and survivor benefits. Read more…
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