By Pacific Island Times News Staff
Guam retirees whose Social Security benefits have been reduced due to other pension incomes they receive will benefit from the Social Security Fairness Act of 2023, which President Biden signed into law over the weekend.
The new law eliminates two provisions: the Windfall Elimination Provision, which reduced SSA benefits for individuals who also receive a pension or disability benefits from an employer who did not withhold Social Security taxes, and the Government Pension Offset, which reduced benefits for spouses, widows, and widowers who receive government pensions of their own.
“We are happy to report the passage of this historic legislation, which we proudly co-sponsored," Guam Del. James Moylan said.
"There are retirees in Guam whose Social Security benefits are adversely impacted by other benefits they receive, particularly related to disability income or pensions. This new law will help increase monthly payouts, which would help many retirees address the rising cost of goods and services,” he added.
It is estimated that the average increase in SSA benefits due to the passage of this law would be $360 a month. The measure also provides a retroactive payout of these increased benefits as far back as December 2023. For more information, beneficiaries of the SSA benefits should contact the Social Security Administration
Kommentarer