4 Years of earnings are indexed up to the second calendar year before the year of earliest. (See the information from Social Security on the “Windfall Elimination Provision” at for more. , January , ICN  Get Accessible Adobe from your salary, such as a government agency or an employer in another country, the .
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I currently have about 15 years of Social Security covered employment.
And that includes a WEP reduction, which I will explain. I’ve done it in many past columns. Showing posts with label Windfall Elimination Provision. I’ve got only 15 years of covered earnings. Even though Maria gets a much smaller Social Security benefit than Frank, she might find some comfort knowing that she is getting a better deal out of the program than he is. Submit a Rumor Central Question.
If you get a relatively low pension, you are protected. When that WEP formula is applied to my Social Security computation, it gives me the roughly 40 percent return rate rather than the 90 percent rate intended for the very poorest of our citizens.
And the WEP law recognizes that. They are both 66 years old. You are a federal worker first hired after December 31, ; You were employed on December 31,by a nonprofit organization that did not withhold Social Security taxes from your pay at first, but then began withholding Social Security taxes from your pay; Your only pension is based on railroad employment; The only work you did where you did not pay Social Security taxes was before ; or You have 30 or more years of substantial gof under Social Security.
Windfall Elimination Provision
We strive to provide the most accurate information possible in our answers to Rumor Central questions. Instead, my earnings pattern is much more like my neighbor Frank’s. Average-income people get a return rate in the 40 percent range. You should get a rate glv to all average-income Americans — about 40 percent. And that has always been one of the basic tenets of the Social Security program: Under these provisions, a future PIA used for any benefits after can be no smaller than: For more pubx, the Social Security Administration website is www.
That is why we have a second Social Security representative monitor some telephone calls. We suggest you contact the Social Security Administration at www. The 100045 Minimum PIA, intended to assist individuals with low earnings over their working life, has been in effect on all benefits payable since January Views Read Edit View history.
Need to know more?
One final note on this topic: I should get the same rate of return about 40 percent as Frank gets, and for that matter, as all other average-income Americans get. Because I look 1045 a poor person to the Social Security Administration’s computers.
Rumor CentralWindfall Elimination Provision. The Windfall Elimination Provision primarily affects you if you earned a pension in any job where you did not pay Social Security taxes and you also worked in other jobs long enough to qualify for a retirement or disability benefit. While in effect, it also affects the benefits of others claiming on the same social security record.
Explaining the Windfall Elimination Provision, by Tom Margenau | Creators Syndicate
Or to put that another way, Maria’s Social Security check represents a higher percentage of her lifetime earnings than Frank’s monthly benefit. The Social Security benefit formula uses a year base. They had the advantage of receiving a Social Security benefit representing a higher percentage of their earnings, plus a pension from pubx job where they did not pay Social Security taxes. The effects of the WEP were phased in between and Will my State pension lower the amount of my Social Security benefit?
Since the WEP does not apply after the death of the primary beneficiary, it is never used for survivors. When I retire, will my SS benefits be reduced?
There is a companion law called the “windfall elimination provision,” more commonly known by its acronym, WEP, which usually reduces any Social Security retirement benefits earned at side jobs by folks who spent the bulk of their life working at a job that was not covered by Social Security. In addition to using our website, you can call us toll-free at They think they have been singled out for Social Security benefit reductions that just aren’t fair.
Yet it has many teachers, police officers and other public employees who spent most of their working lives in jobs not covered puba Social Security — but who, like me, paid into Social Security in side jobs — up in arms. We encourage you speak to a tax professional or financial advisor for advice specific to your situation.
The pugs percent factor is reduced in the modified formula and phased in for workers who reached age 62 or became disabled between and People hired by the government after pay into Social Security just like most other people. And that’s what the windfall elimination provision does.
Windfall Elimination Provision | MOSERS Rumor Central
We can answer specific questions from 7 a. You can use our automated response system to tell us a new address or request a replacement 10054 card. We treat all calls confidentially.
Update your Email Subscription: Most folks impacted by WEP despise the law, until they understand why it exists. Your Social Security retirement or disability benefits may be reduced. Log in to your Member Homepage and change your preferences.