President Joe Biden has signed into law the Social Security Fairness Act, a historic measure that will boost Social Security payments for nearly 3 million current and former public employees, including teachers, firefighters, police officers, and others who served in public service roles. This new law addresses a long-standing disparity in the system, although it adds further strain to Social Security Trust Funds, which face a looming insolvency crisis.
The legislation removes two key provisions: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions previously reduced Social Security benefits for individuals who also received pensions from public retirement programs. According to the Congressional Research Service, about 1% of all Social Security beneficiaries were affected by the GPO and 3% by the WEP as of December 2023.
