15. If you continue to use this site, you consent to our use of cookies. private sector jobs) and who also get a government annuity from their non-Social Security covered government employment. What are the arguments on the other side?Some of those who oppose repeal of the GPO and WEP cite cost as a factor. What happens if I withdraw my government pension from non-SS-covered employment in a lump sum (that is, I take my employer contributions, my contributions, and interest as a single payment? (Yes, Social Security also requires 10 years of work history, but this can be from among multiple jobs.) Some individuals in SS-covered employment may wish to make a career change and go into teaching. . For example, say that a government worker received a monthly pension of $750. As long as someone has those 40 credits, they will always be eligible for something each month from Social Security, even though they receives that public pension., The bad news, however, is that, absent 30 or more years of "substantial earnings," the person's Social Security benefit won't be as high as it would have been without that pension, says Czarnowski. The House Ways and Means Committee approved the Social Security Fairness Act (H.R. If you became eligible to accept pension payments from your non-eligible job before the year 1986, you are not subject to a WEP adjustment on your Social Security benefits. Does the WEP affect the Social Security benefit to which Im entitled through my spouse? Absent education on the topic, she says individuals may find themselves with less anticipated monthly income if they planned around the estimated benefits on the Social Security statement. Windfall Elimination Provision - Wikipedia No. Congressional Bill May Soon End Windfall Elimination. For example, if a teacher also has a summer job in the private sector, they would earn Social Security credits through this work. Are there any exceptions to the application of the WEP? Of those people penalized by GPO 71% lose their entire Social Security benefit. [4], When the WEP applies, it is used in determining all benefits on the record, both for the primary beneficiary and any auxiliaries.
