Hello, everyone! This is Mark Burgdorf at Burgdorf Wealth Managers. Today’s video is for public employees who want to understand what the Social Security Fairness Act could mean for them.
If you’re a public servant, like a teacher, firefighter, or government employee, you’ve likely heard of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions can significantly reduce or even eliminate the Social Security benefits you or your spouse might expect to receive in retirement.
On January 5, 2025, the Social Security Fairness Act was signed into law. Also known as HR 82, this bill eliminates the WEP and GPO, allowing public-sector retirees to receive full Social Security benefits.
Currently, if you work in a job that doesn’t pay into Social Security — like many state and local government positions — your benefits, which are a part of your retirement income, could be reduced when you retire.
The goal of HR 82 is to ensure the Social Security benefits you’ve worked for are fully available to you, just like they are for private-sector employees.
HR 82 has already been signed into law, so now it’s just a matter of how long it will take to implement. According to the Social Security Administration, full implementation of the bill is expected to take one year or longer. Some members of Congress have urged the SSA to expedite efforts to implement the bill and help millions of Americans get the benefits they deserve.
At Burgdorf, we’re committed to keeping you updated on important legislation that affects your retirement. If you have questions about how WEP or GPO impacts your Social Security benefits or what HR 82 could mean for your financial future, let’s talk.
We’re here to help you live the retirement you desire.