Millions to get higher Social Security payments under new law

President Biden signed a law on Sunday that will boost Social security payments for about 3 million current and former government employees.

Biden signed The Social Security Fairness Act, which effectively repealed two rules that reduced benefits for state workers receiving state pensions.

“The bill that I am signing today is about a simple proposal. Americans who have worked hard all their lives to earn an honest living should be able to retire with economic security and dignity; this is the whole purpose of the Social Security system,” Biden said. he said during the signing ceremony in the East Room of the White House.

Biden said the new law is a “great deal” and that victims will receive those payments this year.

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President Biden attends a signing ceremony for the Social Security Fairness Act in the East Room of the White House on Sunday. (REUTERS/Nathan Howard/Reuters Photos)

The bipartisan legislation repeals two little-understood rules, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which limit Social Security benefits to recipients who received retirement payments from other sources.

Biden speaks at a signing ceremony for the Social Security Fairness Act on Sunday. (REUTERS/Nathan Howard/Reuters Photos)

firemen, police officers Postal workers, teachers and others with public pensions have collected reduced Social Security benefits for their jobs in the private sector because of the WEP, which was designed to prevent the so-called double dilution of the state pension and Social Security.

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Critics of the bill argued it would cause more problems for Social Security moving forward. The legislation would add $196 billion to the federal deficit over the next 10 years, according to the organization Congressional Budget Office.

Biden said those affected by the new law will receive payments starting this year. (iStock / iStock)

Biden acknowledged that there is still more work to be done on Social Security, including paying the wealthy more.

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“I know there’s more work to be done, by the way, to improve and expand Social Security benefits for those most in need,” he said, “and finally, asking the wealthiest Americans to start paying their fair share , so that it can save and much more.”

Fox News Digital’s Louis Casiano contributed to this report.