The new social security law has not yet been voted on

The Social Security Equity Act is close to passage, but it could still fail since there is no Senate vote scheduled and it has until the end of the year to pass it or go to the drawing board. To go back a little, the bipartisan bill was passed by the party House of Representatives in November and is now awaiting passage by the Senate.

This bill is so important because it would repeal that Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)two provisions that reduce Social Security benefits for certain retirees who also receive retirement income.

The WEP reduced social security For those who receive so-called “unfunded” retirement income from jobs, typically public sector positions, this has made no contribution Social Security payroll tax. The reduction can be significant – up to half of the pension amount. The GPO reduces survivor or spousal benefits if a person’s pension is not covered. GPO affects fewer people, but it reduces the Social Security Benefit by two thirds of the pension amount. If two thirds of your state pension is higher than yours social security benefit, Your performance could be reduced to zero. Together, they affect nearly three million Americans, including police officers, firefighters, postal workers and public school teachers.

Why won’t the Senate vote on the Social Security Fairness Act?

Senators Ed Markey (D-MA), Bill Cassidy (R-LA), Sherrod Brown (D-OH) and Susan Collins (R-ME) gave passionate speeches about it senate floor, wrote letters and emphasized the importance of passing this law for the millions of people affected. The fact that this bill has bipartisan support is almost unprecedented and its popularity seems to make it a slam dunk.

But some aren’t so sure, for example Senator Angus King (I-ME) reported that rumors suggest the bill does not have enough votes to pass and that some Republican senators may have backed down and followed the party line.

This could be due to the cost as the Social Security Equity Act would cost $196 billion over the next decade social security Insolvent 6 months faster. Given that the program is in grave danger, many do not believe this is reason enough not to pass the law, but others obviously disagree.

King said he remains confident the bipartisan bill will be linked to a “must-pass” spending bill like this National Defense Reauthorization Act and happen. “I would give that more than even odds,” he said.

If it doesn’t exist, congress will have to rewrite the bill, this time perhaps reforming the provisions to make them fairer rather than repealing them.

Maya MacGuineas, Committee for a Responsible Federal Budget The president supports this option by highlighting the cost of the bill: “At a time when we are already borrowing $2 trillion a year and retirees are already facing a 21% benefit cut – an average of $16,500 for a fresh in.” Retiring couple in 2033 – Why should we take a 22% cut in just nine years and $17,300 in eight and a half years?”

Those affected do not feel as clear as they do Susan Dixon, 68, retired teacher in San Clemente, California, and president of the California Retired Teachers Association exclaims: “It is shameful that such a widely supported measure has yet to be voted on. I will be attending the rally to ensure our voices are heard and to demand action for the millions of retirees who deserve fairness and respect. It is also important that our Senators will be present to vote in the next two weeks.”

Her voice is accompanied by Don Hillbish, retired police sergeant from Reading, Pennsylvania, who started working as a paperboy at 14, worked part-time jobs from 15 through college and throughout his career as a police officer, like many other officers and firefighters. “I worked and paid in social security from 1969 to around 2018. But after that WEP And group policy object, My monthly pension has increased from $1,100 to about $350 because I receive a municipal pension.”

As they claim, they are not seeking additional benefits, just the benefits to which they are entitled based on their contributions.