Trying to sneak a giveaway to government employees while Americans are busy with Christmas shopping and holiday planning, some politicians on Capitol Hill plan to take part of your future Social Security income and give it to state and local government employees who generally already have generous retirement plans.
Lawmakers are considering the repeal of Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). This would expand windfall benefits by allowing some beneficiaries to effectively double-dip from Social Security and their own generous state or local pensions. On top of that, it would accelerate Social Security’s insolvency by roughly six months to one year, and increase the legally required across-the-board cut for all beneficiaries by about 5% percent.
As a result, the Committee for a Responsible Federal Budget estimates that WEP/GPO repeal would lead to an additional $25,000 of lifetime benefit cuts for a typical couple retiring in 2033. And research by the Urban Institute shows that repealing the WEP and GPO would favor higher-income people.
Say no to the government worker labor unions pushing for the Social Security UnFairness Act— – Save Social Security!
Read our Analysis of the true cost of The Social Security Fairness Act.