Topic: Loophole Windfall Elimination Provision
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Answers to Common Questions
What is the Windfall Elimination Provision, and why is document r...
It affects Social Security benefits for people like teachers who are primarily covered by a pension plan other than Social Security but who work enough on the side to get benefits. Benefit rates are skewed so that low income workers get a r... Read More »
Source: http://answers.yahoo.com/question/index?qid=20090713192907AAahNnj
What is the Windfall Elimination Provision?
If you receive a Federal pension and are also eligible for Social Security benefits based on your own employment record, a different formula may be used to compute your Social Security benefit. This formula will result in a lower benefit. T... Read More »
Source: http://www.opm.gov/retire/faq/pre/faq9.asp
How the Windfall Elimination Provision Works
The WEP was designed to eliminate the "windfall" that could result if you were to receive a CSRS annuity based on many years of employment not covered by Social Security and also receive a full Social Security benefit because you did have a... Read More »
Source: http://www.opm.gov/retire/pre/election/handbook/h_ss7.htm
More Common Questions
Answers to Other Common Questions
Upon request by a worker (using form SSA-7004 or request a PEBES electronically ), the Social Security Administration (SSA) will send a Personalized Earnings and Benefit Estimate Statement (PEBES) that will list the worker's earnings in emp...
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Source: http://www.opm.gov/retire/pre/election/handbook/h_ss7.htm
The Windfall Elimination Provision (WEP) changes the formula used to calculate the Social Security benefits earned by retirees who have worked in both the public and private sectors, if a retiree earned a public pension not covered by Socia...
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Source: http://www.nage.org/state/ProtectSS.shtml
The WEP reduces the factor by which average earnings are multiplied to determine Social Security benefits. How much the factor is reduced depends on when the individual becomes eligible to retire and how many years of earnings he or she has...
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Source: http://www.cta.org/About-CTA/Who-We-Are/Retired/WEP-GPO-FAQs.aspx
The WEP affects people who worked both as public employees in jobs not covered by Social Security and in jobs in which they earned Social Security benefits. For example, the WEP affects educators who do not earn Social Security from their j...
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Source: http://www.cta.org/About-CTA/Who-We-Are/Retired/WEP-GPO-FAQs.aspx
Social Security benefits are based on the worker's average monthly earnings adjusted for inflation. These average earnings are separated into three amounts and such amounts are multiplied using three factors. For example, for a worker who t...
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Source: http://shenyang.usembassy-china.org.cn/social-security.html
These two provisions affect people with pensions from noncovered employment. WEP affects the computation of benefits for retired and disabled workers. GPO affects benefits for individuals receiving spouse's or surviving spouse's benefits:
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Source: http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/1259
