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We did not use earnings after 2023 in calculating these estimates. By approving the Social Security Fairness Act, the House Committee on Ways and Means has made more progress on this issue than has ever occurred. 2023 Ralph R. Smith. Therefore, many would benefit from a repeal of the WEP and GPO provisions of the federal retirement system. Your Social Security covered earnings, even if zero, will be projected forward to that age. Workers who have 30 years of coverage (YOCs) are fully exempt from the Windfall Elimination Provision (WEP). The reason for the WEP was to eliminate the windfall that could result if a federal employee were to receive a CSRS pension based on many years of federal service not covered by Social Security and also receive a full Social Security Benefit. You may be eligible for a pension based on work you did for a federal, state, or local government, a nonprofit organization, or in another country. Enter the earnings you will pay Social Security taxes on in 2023. We commend Chairman Neal for his continued leadership on this issue and urge both sides of the political aisle to work together on a compromise that improves fairness, provides real relief for current retirees and, importantly, passes into law.. Our members sent a clear message to Congress in August when we adopted a resolution at our 56th Convention advocating for a full repeal of the WEP and GPO. Legislation has been reintroduced to eliminate the WEP and GPO. Maximum If your current work is covered by Social Security, enter the age, in years and months, when you plan to stop working in Social Security covered employment. The Online Calculator is updated periodically* with new benefit increases and other benefit amounts. If you turn 62 in 2023 (ELY 2023) and you have 20 years of substantial earnings, WEP reduces your monthly benefit by $557. Windfall Elimination Provision Most of them are retirees from state and local government, but some are federal employees hired before 1984. If the GPO applies to you, it will not affect your own Social Security benefits (if you have any) nor your pension. Please contact Susan Rushkowski at publicfiledc@hubbardradio.com or (202) 895-5027. The bill would offset the WEP penalty to some extent by increasing Social Security benefits by $150 a month for those who are impacted. CRS Windfall Elimination Provision Info Updated A longer life expectancy usually translates into a longer retirement. To understand the arguments on both sides of the issue, here is a provision from a recent article on FedSmith by Brenton Smith: This specific proposal would create a financial incentive for workers to opt-out of Social Security at the exact time that the program is struggling with the possibility of insolvency.