H.R. 82 (ENR) – Social Security Fairness Act of 2023
Introduced: January 3, 2023
Sponsor: Rep. John Larson (D-CT)
Status: Referred to the House Committee on Ways and Means
Summary:
The Social Security Fairness Act of 2023 is a bill that aims to address certain inequities in the Social Security system and provide additional benefits to certain individuals. The key provisions of the bill include:
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Increase in the cost-of-living adjustment (COLA) formula: The bill would change the way COLAs are calculated to include a measure of the elderly consumer price index (CPI-E), which is specifically designed to reflect the spending patterns of older Americans. This change is intended to ensure that COLAs more accurately reflect the true cost of living for seniors.
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Elimination of the Windfall Elimination Provision (WEP): The WEP reduces Social Security benefits for certain individuals who receive a pension from a government job that is not covered by Social Security. The bill would eliminate the WEP, providing full Social Security benefits to those affected.
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Modification of the Government Pension Offset (GPO): The GPO reduces Social Security spousal and survivor benefits for individuals who receive a pension from a government job that is covered by Social Security. The bill would modify the GPO to only reduce spousal benefits, not survivor benefits.
Background:
The Social Security system faces several challenges, including projected long-term shortfalls in funding and inequities in benefits for certain individuals. The Social Security Fairness Act of 2023 is one of several proposals that have been put forward to address these issues.
Impact:
If enacted, the Social Security Fairness Act of 2023 would provide significant benefits to certain individuals, including:
- Increased COLAs for all Social Security beneficiaries
- Full Social Security benefits for individuals affected by the WEP
- Reduced reductions in spousal benefits for individuals affected by the GPO
Opposition:
The bill has faced some criticism, primarily from those who argue that the proposed changes would be too expensive and would further strain the Social Security system’s finances.
Prospects:
The bill has been referred to the House Committee on Ways and Means, which has jurisdiction over Social Security matters. It is unclear whether the committee will hold hearings or take further action on the bill.
H.R. 82 (ENR) – Social Security Fairness Act of 2023
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