I wanted this to be its own thread at least for a while then a moderator can add it to one of the other SS threads. This bill (Social Security Fairness Act) was signed into law this past Sunday by president Biden. I worked as a Leo and Firefighter for 30 years. During that time I worked extra jobs because my pay early on in my career would not pay the bills. Since I retired I was not allowed to collect my entire SS benefit. This law corrected that. I don’t receive much SS, so I have no idea how it will affect me. Curious what your opinion is on this? Fwiw I paid a lot of money into my pension unlike some who received theirs as a benefit. Higher Social Security payments coming for millions of people from bill that Biden signed
@homer. This is correcting a wrong and took far too long. Enjoy the benefits that you earned and have always been entitled to. Thank you for your service.
Considering the top 1% of American households control 30% of the net worth in this country, I'm happy if this law peels you off a few more pennies every month. Get it
lol. I get what you’re saying. In my case it was an expensive account I paid into my career. If you google Tampa Fire and police pension fund you will see. It was set up to where each fire and police employee became an owner. We all signed individual contracts upon employment. It’s a very unique set up that is controlled by the members. There are 9 pension board members, 3 city of Tampa, 3 fire, and 3 police. We control it by majority votes. When it goes bad we have to pay more into it. Our actuaries have strict guidelines that often cause huge increases in contributions per year. One year my contributions increased so much after a bad investment year I contributions increased so much I had to work 2 part time jobs to pay our bills. Any group can set one up like we did. You just have to be ready to cover the shortfalls when they occur. When I joined Tampa PD in 1977 there was about 40 million in the account. Today we are worth well over a billion dollars. It was tough at first but worth it in the long run. Fwiw, At one time our pension was rated number 1 in the country. I also saved tax deferred money to supplement my retirement rather than spend money on new cars, boats, vacations, etc. It can be done if a group has the guts to do it. Update I called my granddaughter who is dating a paramedic at Tampa Fire Rescue. They were hit hard by an increase to 28%. That’s what I meant when I said I had to work two part time jobs at one time. I went through the same. It will be reassessed and most likely go down next year.
I collect but only a portion of what someone without a pension gets. It was a law passed that limits my SS benefits for people with a pension. I’m guessing it was to help with its solvency. My best guess.
I was completely unaware of this. My wife worked for the State of Florida for 17 years doing child support enforcement. She is retired and receives a fairly small pension from the State plus Social Security. I don't have a clue as to whether her Social Security benefit was reduced in amount under the old law.
Some pro rated back pay to the first of 2024 to 2025 is what I’ve been told. Then regular payments of what it should be without the deductions.
