Thursday, May 31, 2018

Government Pension Offset/Windfall Elimination Provision




“On 
Tuesday, May 29, Tony Thurmond introduced a strong resolution to be voted on by the California state legislature to request that the government in Washington repeal the GPO and WEP. He knows how badly these provisions hurt California retirees, and he is on our side! Please read this through and send it to your friends. This resolution is much stronger than previous resolutions since it details some of the problems not mentioned before…

https://ssfairness.com/wp-content/uploads/2010/07/pdf.png

“Originally Social Security had its own lock box. The money was just sitting there. During the Reagan administration, it was decided to let the General Fund of the U.S. Treasury borrow the funds from SS and then pay interest on what they borrowed. This was a win-win. The U.S. government had more money to spend, and Social Security would earn interest on the money it loaned out to the government. These funds are in the form of special bonds, which the government is required to pay back. They also earn interest for the Social Security Trust Fund.

“Currently, the combination of yearly employee contributions and the yearly interest on the money it has lent the government is more than what it spends on payments to retirees. There is a surplus. This will be true through 2021. At that time it will begin to spend the money from contributions that has built up in the Social Security Trust Fund. This extra money is projected to run out in 2034, at which time Social Security will only be able to pay out ¾ of an individual’s earned benefits…

“The most recent estimates of what it would cost to repeal the GPO/WEP, which affect about 2.5 million people, have been about $10 Billion each year. We don’t have good recent figures for the cost, but a possible current estimate increasing the estimated cost of repeal by 50%, gives you only a cost to the Social Security Administration of about 2%...

“Don’t let anyone tell you that Social Security can’t afford to repeal the Government Pension Offset and the Windfall Elimination Provision!”

See the website, ssfairness.com, for more Information: 

https://ssfairness.com/gpo-wep-information/ Look for “The financial condition of Social Security”




2 comments:

  1. Not only am I docked over $400 from my own Social Security pension every month, my husband, who is self-employed, must still pay the percentage for spousal support even though I am never allowed to collect on it.

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  2. "I am a Civil Service employee. Last year received notice that if I retired after 37 years my pension would be $1,400. President Reagan harmed low-paid civil service employees. I am a clerk, late in age, and must keep working. Where at my age will I get the difference to pay up my monthly bills? I would have to go out to work to make the difference of at leat 1,500-3,000 more to live on. This is a sin. State employees get their pension plus their Social Security. I would be homeless if I stop working at my late age."-Anonymous

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