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GPO (Government Pension Offset) & WEP (Windfall Elimination Provision)
Posted on 2/21/24 at 12:11 pm
Posted on 2/21/24 at 12:11 pm
Does anyone have an update on efforts to do away with the GPO (Government Pension Offset) and the WEP (Windfall Elimination Provision)? Last I heard Garret Graves was working on this but I've not heard if there's been any progress. One, if not both, of these provisions can affect the Social Security benefit for a Municipal pension retiree or the surviving spouse of a Municipal pension retiree in Louisiana.
6
Posted on 2/21/24 at 12:22 pm to Techdog89
Bump…
Posted on 2/21/24 at 12:26 pm to Techdog89
quote:
Does anyone have an update on efforts to do away with the GPO (Government Pension Offset) and the WEP (Windfall Elimination Provision)? Last I heard Garret Graves was working on this but I've not heard if there's been any progress. One, if not both, of these provisions can affect the Social Security benefit for a Municipal pension retiree or the surviving spouse of a Municipal pension retiree in Louisiana.
It doesn’t look too good right now.
https://www.tcta.org/latest-education-news/bill-to-repeal-wep-and-gpo-advances-out-of-committee
Posted on 2/21/24 at 12:28 pm to Techdog89
Posted on 2/21/24 at 12:30 pm to Techdog89
It's been talked about, but there's not a lot of gas right now towards spending even more money in Social Security for people who are already getting a decent pension.
These two programs should prove without a doubt that social security is nothing more than welfare with a dedicated revenue stream. The fact that benefits are loosely tied to wages and taxes paid (and tapers off at higher income), and there is nothing to leave to the next generation, even as an option, doesn't make social security an actual retirement program.
These two programs should prove without a doubt that social security is nothing more than welfare with a dedicated revenue stream. The fact that benefits are loosely tied to wages and taxes paid (and tapers off at higher income), and there is nothing to leave to the next generation, even as an option, doesn't make social security an actual retirement program.
Posted on 2/21/24 at 12:34 pm to Techdog89
quote:
One, if not both, of these provisions can affect the Social Security benefit for a Municipal pension retiree or the surviving spouse of a Municipal pension retiree in Louisiana.
It's not just Louisiana. I will have a municipal pension and am looking to retire at 54. If I go into the private sector and work until I'm 65 after retirement, my SS would be cut drastically as the FedGov would keep most of it as basically a donation. The thought behind it is that the person who earned it really doesn't need it and the old border crosser that never contributed to the system does.
Posted on 2/21/24 at 1:55 pm to Tantal
quote:
SS would be cut drastically as the FedGov would keep most of it as basically a donation.
Doing that right now. “Donating” over $5,000 a year to SS/FedGov and I won’t get much, if any, back. Will have worked enough quarters pre and post State employment to draw.
Graves has more than enough support in Congress, and most everyone sees the injustice; but anything that will draw more money out of SS ain’t going to pass.
At this point, just let me not contribute now. I’ll donate what I paid earlier in life.
Posted on 2/21/24 at 8:28 pm to Techdog89
Quit worrying about it, WEP/GPO will never be repealed. Too much money at stake.
Graves is just catering to his constituents. A large portion of his district are state retirees.
Talk of repeal gets traction every election cycle, but yet here we are.
Graves is just catering to his constituents. A large portion of his district are state retirees.
Talk of repeal gets traction every election cycle, but yet here we are.
Posted on 2/21/24 at 8:38 pm to LSUFanHouston
quote:
It's been talked about, but there's not a lot of gas right now towards spending even more money in Social Security for people who are already getting a decent pension.
What difference does it make if someone has paid in to the SS system yet also has a government pension? They're just as entitled to their SS bennies as anyone else.
This post was edited on 2/21/24 at 8:41 pm
Posted on 2/22/24 at 2:47 pm to Tchefuncte Tiger
quote:
What difference does it make if someone has paid in to the SS system yet also has a government pension? They're just as entitled to their SS bennies as anyone else.
Correct! Social Security wasn't free and in time those who moved to a pension system slid down the scale for a Social Security benefit since the contributions to that program stopped. Why should the Social Security benefit then be cut up to 2/3? Just leave it as is. And, these same people paid for their Municipal pension with less than market pay and fairly high contribution rates. It wasn't free either. If I worked for Exxon part of my career with a 401k and a pension and worked for Turner in another career with a 401k I would not have any reduction in my Social Security benefit. How is that fair?
Posted on 2/25/24 at 9:07 am to Tchefuncte Tiger
quote:
What difference does it make if someone has paid in to the SS system yet also has a government pension? They're just as entitled to their SS bennies as anyone else.
You’re not much of a socialist, bruh.
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