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President Biden signed a law Sunday that would encourage Social security Payments for nearly 3 million current and former government employees.
Biden signed The Social Security Fairness Act, which effectively repealed two rules that reduced benefits for public employees receiving state pensions.
“The bill I'm signing today is a simple proposal: Americans who have worked hard all their lives and lived an honest life should be able to retire with economic security and dignity — that's the whole purpose of Social Security,” Biden said in a statement in the East Room of the White House. He said this at the event.
Biden noted that the new law is “a big deal” and that victims will receive these payments this year.
President Biden attended a bill signing ceremony for the “Social Security Fairness Act” in the East Room of the White House on Sunday. (Reuters/Nathan Howard/Reuters Photo)
The bipartisan legislation repeals two little-understood rules: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which limit Social Security benefits to recipients who receive retirement payments from other sources.
Biden spoke at the bill signing ceremony for the “Social Security Fairness Act” on Sunday. (Reuters/Nathan Howard/Reuters Photo)
fire extinguisher, police officer, Postal workers, teachers, and others with public pensions have reduced Social Security benefits because of the WEP, which was designed to prevent so-called double cuts from public pensions and Social Security for jobs they hold in the private sector.
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Critics of the bill argued that it would cause more problems for Social Security going forward. The legislation would add $196 billion to the federal deficit over the next 10 years. Congressional Budget Office.
Biden said people affected by the new law will receive payments early this year. (iStock/iStock)
Biden acknowledged that more work remains to be done on Social Security, including higher pay for the wealthy.
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“I know there is much more work to be done, by the way, to improve and expand benefits, including those most needed to protect Social Security in the long term,” he said. “And finally, asking rich Americans to start paying their fair share to keep it going and more.”
Louis Casiano of Fox News Digital contributed to this report.