Social Security Fairness Act

📢 Social Security Begins Sending Out Retroactive Payments

Many Retirees Will See Increased Monthly Benefits Starting in April

We’re pleased to share some welcome news for many of our clients affected by Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO):
The Social Security Administration has begun issuing retroactive payments and will increase monthly benefits for eligible individuals, thanks to the Social Security Fairness Act of 2023.

This long-anticipated change restores full or partial benefits to retirees whose payments were previously reduced due to receiving a pension from employment not covered by Social Security.

💸 Who Is Affected?

If you’re receiving (or are entitled to receive) a non-covered pension, and your Social Security benefits were reduced or eliminated under WEP or GPO rules, you may now qualify for back payments and higher monthly benefits.

This includes:

• Public school teachers (in certain states)
• Police officers and firefighters
• Federal employees under the Civil Service Retirement System (CSRS)
• Individuals covered by foreign social security systems

⏳ When to Expect Payments

• Retroactive payments (effective January 2024) began processing in February and most will be deposited by the end of March.
• Increased monthly benefit payments will start with the April payment.
• Most beneficiaries will receive their back payment before receiving written notification by mail explaining the changes.
• Complex cases requiring manual processing may take longer to resolve, with payments issued once individual reviews are completed.

📝 What You Should Do

• No action is needed to receive the adjustment if you’re eligible. Payments will be issued automatically.
• If you believe you may be affected but haven’t received anything by mid-April, wait until after your April payment before contacting Social Security, as they are asking for patience while payments are processed in phases.

To stay informed or learn more, you can visit the SSA’s Social Security Fairness Act page and subscribe for updates.

💬 We’re Here to Help

If you’re unsure how this change impacts your retirement benefits—or want assistance reviewing your updated payment records—please contact The Numeric Strategies Team. We’re always happy to walk through your situation and help ensure you’re receiving the full benefits you’ve earned.

— The Numeric Strategies Team