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Legislation Announced to Improve Social Security and end WEP/GPO

Legislation announced this past week would expand and fortify Social Security as well as repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Social Security 2100, introduced by Rep. John Larson, D-CT, is a comprehensive Social Security reform bill and the latest bill to repeal two unfair penalties that diminish the earned Social Security benefits of federal retirees.    

Social Security 2100 includes a host of provisions intended to revitalize and strengthen Social Security benefits. Notably, the bill would extend the Social Security trust fund’s solvency, avoiding a looming 20 percent cut to benefits. It also contains provisions to calculate more accurate cost-of-living adjustments (COLA) for seniors and provide a two percent across the board increase to benefits for Social Security beneficiaries. The bill would also increase benefits by an additional five percent for the most elderly, those who have been Social Security for 15 years or more.  

To help pay for these changes, the legislation would apply the Social Security payroll tax (FICA) to wages above $400,000 and add an additional 12.4 percent net investment income tax for those making over $400,000 annually.  

In a statement, NARFE National President said, “NARFE thanks Congressman Larson for his diligent protection of Social Security and for his fight to ensure that this crucial program keeps its promises to every American. Our association appreciates the attention this comprehensive bill gives to repealing the Windfall Elimination Provision and Government Pension Offset, so the promise of Social Security can be fully met for our nation’s public servants. We have long believed that Social Security should be a benefit that people can depend on, and the Social Security 2100 Act does just that.”  

More information on Social Security 2100 can be found here.