The Impact of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) Repeal on Public Employees

Here’s an interesting fact about Social Security: They always pay you the benefit you’re entitled to, and if you’re eligible for a spousal benefit, that amount is added on top, Hayes adds.”

— Tim Hayes

BOSTON, MA, UNITED STATES, January 2, 2025 /EINPresswire.com/ -- On December 21, 2024, the Senate passed H.R. 82, a bill that would repeal the WEP and GPO. These are two federal laws that reduced or eliminated the Social Security benefits of nearly 3 million retirees across the US.

The new Social Security Fairness Act offers

eligible retirees retroactive benefits starting with payments in January 2024. Along with the repeal, this has the potential to enhance their benefits for 2025 significantly.

The repeal impacts benefits payable after December 2024 for affected individuals who are not yet eligible for benefits. Additionally, it may enable current and future retirees to qualify for spousal benefits. Previously, the Government Pension Offset had eliminated most spousal benefits.

“It’s important to note that you are eligible for a spousal benefit regardless of whether you qualify for a benefit. However, you will not receive both your benefit and a spousal benefit; instead, you will receive the higher of the two,” shares Hayes.

“Here’s an interesting fact about Social Security: They always pay you the benefit you’re entitled to, and if you’re eligible for a spousal benefit, that amount is added on top,” Hayes adds.

Hayes advises that it’s important for retirees or public employees close to retiring to plan their retirement options. If you’ve been affected by the WEP and GPO, it’s crucial to assess your Social Security benefits. Contact the Social Security Administration to see if there will be changes to your benefits.

Hayes further recommends that retirees prepare and be proactive when it comes to understanding and managing the changes brought about by the bill. This is primarily because of the repeal’s significant impact on retirement planning.

Read the full article here.

About Tim Hayes: Tim Hayes is an independent financial advisor affiliated with Cambridge Investment Research Inc. He provides financial planning services, including investment advisory and financial planning services, for both local and national clients who may be impacted by the WEP and GPO repeal. Securities offered through Cambridge Investment Research, Inc., a broker/dealer, member FINRA/SIPC. Investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Federally registered investment advisor. Cambridge does not provide tax advice. 39 Braddock Park #5 Boston, MA 02116 | 126 Horseneck Road, S. Dartmouth, MA 02748. Cambridge and Financial Advisor Tim Hayes are not affiliated. Prepared by: Geri Mileva