Historical Context:

The WEP and GPO were introduced in 1983 to adjust Social Security benefits for those with pensions from non-covered employment, such as certain public sector jobs. The intent was to prevent individuals from receiving disproportionately high benefits. However, these provisions often resulted in reduced benefits for public servants like teachers, firefighters, and police officers. ​benefits.com+1ssa.gov+1theguardian.com

Impact of the Fairness Act:

• Benefit Increases: The repeal of WEP and GPO means that approximately 3.2 million retirees will see an increase in their Social Security benefits. Monthly payments are expected to rise between $400 and $1,200, depending on individual circumstances. ​
• Retroactive Payments: The Act is retroactive to December 2023. Beneficiaries will receive lump-sum payments covering the retroactive period, with distributions beginning in late February 2025. ​as.com

Implementation Details:

• Payment Schedule: Increased monthly benefits will commence in April 2025. Beneficiaries should monitor their payments and contact the Social Security Administration (SSA) if adjustments are not reflected. ​blog.ssa.gov+3marketwatch.com+3investopedia.com+3
• Beneficiary Actions: Current beneficiaries are advised to verify their address and direct deposit information on the SSA website to ensure accurate and timely payments. Those eligible for benefits but not yet receiving them should apply promptly to benefit from the Act’s provisions. ​marketwatch.com

The Social Security Fairness Act represents a pivotal shift in acknowledging the contributions of public sector workers by ensuring equitable Social Security benefits. Affected individuals should stay informed and proactive to fully benefit from these changes.

The post Understanding the Social Security Fairness Act appeared first on ROI TV.