President Joe Biden signed a new law on Sunday, boosting benefits for over 2.5 million Americans, including teachers, firefighters, and public sector workers. The legislation repeals the Windfall Elimination Provision and Government Pension Offset, which reduced benefits for individuals receiving pensions from non-Social Security taxed employment. The Social Security Fairness Act will impact benefits starting payable after December 2023. The bill received strong bipartisan support in both the Senate and the House before becoming law.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Joe Biden signed a new law on Sunday, boosting benefits for over 2.5 million Americans,
00:07including teachers, firefighters and public sector workers.
00:10Legislation repeals the windfall elimination provision and government pension offset,
00:16which reduced benefits for individuals receiving pensions from non-social security tax employment.
00:21Social Security Fairness Act will impact benefits starting payable after December 2023.
00:27The bill received strong bipartisan support in both the Senate
00:30and the House before coming to law.