House Approves Bill for Social Security Benefits

The US House has approved a bill to boost Social Security benefits for millions, but its future remains uncertain.

At a Glance

The House has passed a bill to provide full Social Security benefits to 2.8 million Americans.
The bill aims to repeal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
The legislation could add $195 billion to federal deficits over 10 years.
The bill faces a tight legislative schedule in the Senate.
If not passed by January 3, the bill would expire.

House Approves Social Security Fairness Act

The US House of Representatives has passed a bill designed to increase Social Security benefits for millions of Americans. The Social Security Fairness Act, approved with a vote of 327-75, aims to repeal two provisions that have long been criticized for unfairly reducing benefits for certain public sector workers and their families.

The bill targets the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which currently reduce Social Security payments for individuals with pensions from jobs not covered by Social Security and surviving spouses with their own government pensions. If passed, the legislation would increase benefits for approximately 2.8 million people, including government workers, teachers, firefighters, and police officers.

Decades in the making, the legislation would eliminate a provision that reduces Social Security payments to some retirees who also collect a pension from jobs that aren't covered by the retirement program. https://t.co/jk1wLK9am6

— KDKA (@KDKA) November 16, 2024

Impact on Beneficiaries and Federal Budget

Supporters of the bill argue that it corrects long-standing injustices in the Social Security system. The National Education Association (NEA) and NEA-Retired have advocated for the repeal of these provisions for decades, citing their negative impact on educators’ retirement security.

“Many retiring educators thought they had planned and saved and done the right things to have retirement security, only to have to keep working into their 70s or move in with family, when they can’t afford to stay in their homes,” NEA-Retired president Anita Gibson said.

However, the legislation’s potential cost has raised concerns. The Congressional Budget Office estimates that the bill could add approximately $195 billion to federal deficits over 10 years, potentially impacting the already strained Social Security Trust funds.

Legislative Hurdles and Next Steps

Despite strong bipartisan support in the House, the bill faces an uncertain future in the Senate. With 63 sponsors in the upper chamber, the legislation has significant backing, but it must navigate a tight legislative schedule before the current Congress adjourns.

“For more than 40 years, the Social Security trust funds have been artificially propped up by stolen benefits that millions of Americans paid for and that their families deserve,” stated Reps. Garret Graves, R-La. and Abigail Spanberger, D-Va., the bill’s sponsors. “The time to put an end to this theft is now.”

If passed by the Senate and signed by President Joe Biden, the changes would take effect for benefits payable after December 2023. However, if not passed by January 3, the bill would expire, requiring reintroduction in the new Congress session.

Broader Social Security Concerns

The push for this legislation comes amid broader concerns about the long-term solvency of Social Security. Projections indicate that the Social Security Trust funds may be unable to pay full benefits starting in 2035, adding urgency to discussions about reform and funding.

As the bill moves to the Senate, its supporters remain hopeful. “I am confident we’re going to get this done,” Gibson said. “Our years of advocacy will finally fix this, not only for our current retirees, but for future generations of educators. We have created a brighter future for the profession.”

The outcome of this legislation could have significant implications for millions of Americans’ retirement security, as well as the broader Social Security system. As the Senate considers the bill, many will be watching closely to see if this long-sought change to Social Security benefits will finally become law.