OCTOBER 1, 2022
IT IS YOUR MONEY
The Windfall Elimination Provision (WEP) is a modified benefit formula that can reduce the size of your Social Security retirement. Think of it as a penalty for double-dipping against those individuals who have earnings and pensions outside the Social Security system, (teachers, police, firefighters…) but who also worked in jobs and paid into Social Security. Two bills, the Social Security Fairness Act (S. 1302/H.R. 82) and the Social Security 2100 Act (S. 3071/H.R.5723) are making their way through Capitol Hill and are aimed at repealing the Windfall Elimination Provision. For more information you can click here, or here. More information will be going to your reps as it becomes available.