Social Security Reform News

"Restoring Full Social Security Benefits for Public Servants: Lawmakers Discuss Reforms"

Legislators are pushing for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which currently reduce Social Security benefits for public workers who receive a pension. About 6% of workers are not covered by Social Security, including state and local government employees. However, fully repealing these provisions would cost an estimated $150 billion over the next decade and could disproportionately benefit workers with both traditional and non-traditional occupations. Additionally, concerns arise regarding the 3.2% increase in Social Security benefits in 2024, as retirees worry it may not keep up with rising costs and trigger benefit cuts.