New York’s Staten Island. Longstanding Social Security rules would be removed under a federal measure, increasing the monthly benefits paid to government employees.
The Social Security Fairness Act, a bipartisan piece of legislation that will boost payments for around 2.5 million Americans who are currently punished for their pensions, was passed by the U.S. House of Representatives by an overwhelming majority in November.
Two clauses that lower Social Security beneficiaries’ monthly benefits depending on their current pensions would be repealed if the measure is approved.
The Windfall Elimination Provision, which was created in 1983 and affects about 2.1 million beneficiaries, lowers Social Security benefits for employees who simultaneously get pensions from the federal, state, or municipal governments for labor that is not covered by Social Security.
Social Security spousal or survivor benefits for spouses, widows, and widowers who also receive pensions from a federal, state, or local government for employment not covered by Social Security are reduced by the Government Pension Offset (GPO), which has been in effect since 1977 and affects an additional 400,000 Americans.
Sen. Kirsten Gillibrand (D-N.Y.) is one of 62 co-sponsors from both parties of the bill, which has also garnered support in the Senate.
As Gillibrand previously stated, our public servants dedicate their entire careers to helping their communities. Like everyone else, they are entitled to their earned Social Security payments when they retire. I’m honored to cosponsor this bill since it’s a sensible solution. I implore my fellow senators to expedite its passage and delivery to President Biden’s desk.
Passing the bill would raise Social Security spending and potentially deplete the Old-Age and Survivors Insurance Trust Fund six months sooner than the current 2033 projection, according to a review of the legislation conducted by the Congressional Budget Office, a nonpartisan federal agency in the legislative branch.
In its report released on November 8, the Congressional Budget Office stated that their estimate is predicated on the assumption that the Old-Age and Survivors Insurance Trust Fund will continue to receive payments.
According to the Congressional Budget Office, the Social Security Administration would no longer be able to pay full benefits when they were due after the trust fund balances dropped to zero, even though claimants would still be legally entitled to full payments. Payments to beneficiaries would then be cut, and annual expenditures would be restricted to annual receipts.
Voting in favor of the Act, Representative Nicole Malliotakis (R-Staten Island/South Brooklyn) stated that government efficiency is the key to preserving social security.
The Congressional Budget Office’s estimate that OASI will become insolvent six months sooner as a result of this legislation is not accurate, nor is it a given. The true problem is that in order for Social Security to meet its commitments and duties, it needs a more stable source of income. “That begins with our government becoming more efficient and prioritizing the care of our seniors rather than sending billions of dollars overseas,” she said. Our budget shouldn’t be balanced on the backs of our elderly, who have paid taxes their entire lives. This measure shows our dedication to preserving Social Security for future generations and guarantees our elderly receive the benefits they have earned and paid into.
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