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News in English (USA) / 19.09.2024 / 23:00

Recent Developments in Social Security Legislation

The U.S. House is gearing up for a significant vote that may lead to the elimination of rules affecting pensioners' Social Security benefits. Lawmakers are advocating for the repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), with a coalition of national advocates and retirees promoting the Social Security Fairness Act. Concurrently, a new bill aimed at expanding Social Security benefits has been reintroduced by Senator Schatz, while another proposal to raise benefits for some retirees in Connecticut is also underway. Reports indicate that Social Security checks are set to increase, although the new plan does not provide for the traditional Cost of Living Adjustment (COLA). Estimates show that repealing the WEP and GPO could significantly boost benefits by up to $700, averaging $360 per month, but this initiative is faced with a considerable price tag of $196 billion. With various proposals and pressures from lawmakers, including efforts from Louisiana congressmen to end penalties specifically affecting teachers, police, and firefighters, the debate continues on how to improve and fairly allocate Social Security benefits for all Americans.