Biden signs law to increase Social Security benefits for public employees

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Biden signs law to increase Social Security benefits for public employees - Business Standard

Quick Summary:

President Joe Biden on Sunday plans to sign into law a measure that boosts Social Security payments for current and former public employees, affecting nearly 3 million people who receive pensions from their time as teachers, firefighters, police officers and in other public service jobs.

The bill rescinds two provisions the Windfall Elimination Provision and the Government Pension Offset that limit Social Security benefits for recipients if they get retirement payments from other sources, including public retirement programmes from a state or local government.

Advocates say the Social Security Fairness Act rights a decades-old disparity, though it will also put strain on Social Security Trust Funds, which face a looming insolvency crisis.