By Erik Bascome
Staten Island Advance, N.Y.
(TNS)
Nov. 20—Millions of Americans could soon receive higher monthly Social Security benefits courtesy of new federal legislation.
Last week, the U.S. House of Representatives overwhelmingly passed the Social Security Fairness Act, a bipartisan piece of legislation that would increase benefits for roughly 2.5 million Americans who are currently penalized for their pensions.
Sen. Kirsten Gillibrand (D-NY) is now urging the Senate to quickly pass the bill that currently has 62 co-sponsors from both sides of the aisle.
“Our public servants work hard their whole lives serving their communities,” said Gillibrand. “When they retire, they deserve to receive the Social Security benefits they have earned, just like everyone else. This bill is a commonsense fix and I’m proud to cosponsor it. I urge my Senate colleagues to get it passed and to President Biden’s desk as soon as possible.”
If passed, the legislation would repeal two provisions that reduce the amount of monthly benefits for Social Security recipients based on their existing pensions.
The Windfall Elimination Provision, which impacts roughly 2.1 million recipients, reduces the Social Security benefits of workers who also receive pensions from a federal, state or local government for employment not covered by Social Security.
The Government Pension Offset (GPO), which impacts an additional 400,000 Americans, reduces 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.
In 2023, an average of nearly 67 million Americans per month were collecting Social Security benefits, totaling over $1 trillion dollars in benefits paid during the year, according to the SSA.
Social Security benefits represent about 30% of income for Americans aged 65 and older, the administration said.
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(c)2024 Staten Island Advance, N.Y. Visit Staten Island Advance, N.Y. at www.silive.com. Distributed by Tribune Content Agency LLC.
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Tags: Benefits, Human Resources, Payroll
