Industry News

Recently, the U.S. Social Security Administration (SSA) reported that it will immediately begin paying retroactive benefits and increase the monthly benefits of those affected by the Governmental Pension Offset (GPO) and the Windfall Elimination Provision (WEP) that were repealed under the Social Security Fairness Act.

​On January 5, 2025, the Social Security Fairness Act was signed into law. The Act repeals the GPO and WEP provisions effective for monthly benefits payable for the months after December 2023. Originally, the SSA anticipated that it may take more than one year to adjust benefits and pay all retroactive benefits. However, the SSA recently announced that this time estimate will now apply only to complex cases on an individual case-by-case basis that cannot be processed by automation. Most of those affected by the new law will have a one-time retroactive payment directly to their bank account In March 2025, and adjusted benefit payments will be paid beginning in April 2025.

The SSA stated that individuals with an adjusted monthly benefit or entitled to a retroactive payment should receive a mailed notice from Social Security explaining the adjusted benefit or retroactive payment. Beneficiaries are advised to wait to receive their April 2025 payment prior to contacting Social Security with any questions related to their monthly benefit amount. Since the SSA has advised that their priority is the delivery of payments, it is anticipated that the explanation of adjusted benefits will likely be received two to three weeks after retroactive payments and adjusted monthly benefits are received. 

Further information and updates on the Social Security Fairness Act are accessible on the SSA website here.