munkle
Diamond Member
- Dec 18, 2012
- 5,343
- 9,272
- 2,130
I have been waiting for this common sense article. It is a gift to government workers, who are overwhelmingly Democrat, at the very real expense of everyone else.
"On Jan. 5, U.S. President Joe Biden signed the Social Security Fairness Act into law. The bill is designed to bolster Social Security benefits for a portion of American workers.
"By signing this bill, we're extending Social Security benefits for millions of teachers, nurses and other public employees and their spouses and survivors," Biden said.
The Social Security Fairness Act makes it possible for those who opted out of Social Security at some point during their career to receive more retirement benefits. It does this in two ways.
First, it gets rid of the Windfall Elimination Provision, which could reduce benefits for workers who get pension or disability benefits from an employer that doesn't collect Social Security taxes — such as public service employees. The act also eliminates the Government Pension Offset, which could reduce spousal benefits if you get retirement or disability income from government-based work that doesn't require you to pay Social Security taxes.
Smith explained that around 4% of employees contribute to non-covered pensions instead of Social Security. Some of these workers also at one point had jobs that did pay into the system or are married to people who do pay Social Security taxes. Under the new rule changes, these workers could receive "overly generous" benefit checks, Smith claims, partly funded by those who regularly paid into Social Security."
"On Jan. 5, U.S. President Joe Biden signed the Social Security Fairness Act into law. The bill is designed to bolster Social Security benefits for a portion of American workers.
"By signing this bill, we're extending Social Security benefits for millions of teachers, nurses and other public employees and their spouses and survivors," Biden said.
The Social Security Fairness Act makes it possible for those who opted out of Social Security at some point during their career to receive more retirement benefits. It does this in two ways.
First, it gets rid of the Windfall Elimination Provision, which could reduce benefits for workers who get pension or disability benefits from an employer that doesn't collect Social Security taxes — such as public service employees. The act also eliminates the Government Pension Offset, which could reduce spousal benefits if you get retirement or disability income from government-based work that doesn't require you to pay Social Security taxes.
Smith explained that around 4% of employees contribute to non-covered pensions instead of Social Security. Some of these workers also at one point had jobs that did pay into the system or are married to people who do pay Social Security taxes. Under the new rule changes, these workers could receive "overly generous" benefit checks, Smith claims, partly funded by those who regularly paid into Social Security."