New Social Security Fix to Benefit Nearly 150,000 Ohioans

New Social Security Fix to Benefit Nearly 150,000 Ohioans

In an important legislative victory, nearly 150,000 Ohioans will benefit from a newly passed fix on social security limitations.

The Social Security Fairness Act, which aims to eliminate provisions that have been reducing the retirement funds of retired public employees since the 1980s, has garnered widespread support and is expected to bring much-needed relief to many.

Historic Legislative Victory for Ohioans

The Social Security Fairness Act passed the Senate with a vote of 76-20 and the House with a vote of 327-75-1. President Biden has expressed his intention to sign the bill into law, marking a historic moment for public employees in Ohio.

According to WOSU Public Media , all of Ohio’s congressional delegation voted in favor of the bill, except for Vice-President-elect U.S. Sen. JD Vance (R-OH), who did not vote. Vance and outgoing Sen. Sherrod Brown (D-OH) were among the sponsors of the bill.

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For Brown, its approval was a bittersweet victory, since he had fought for and sponsored it for more than two decades.

“Congress ensured that police officers, firefighters, teachers, and public servants across Ohio will be able to retire with the Social Security they spent their lives paying into,” Brown said.

Impact on Public Employees

The newly passed legislation will eliminate the Government Pension Offset and the Windfall Elimination Provision, which have been reducing the social security returns or pension earnings of public employees.

Aristotle Hutras, a retired public pension system worker, stated, “It’s been a long time coming. The U.S. government has tried to protect the Social Security system by unfairly reducing the Social Security returns or pension earnings of public employees”.

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Bipartisan Support and Future Challenges

The bill received bipartisan support, with both Republican and Democratic representatives from Ohio sponsoring the measure. However, the Congressional Budget Office reports that the Social Security Fairness Act will cost an estimated $196 billion over ten years. Hutras emphasized the need for a permanent fix, stating, “Now Congress needs to get to work on fixing the solvency of Social Security into the future”.

 

William Ross
About William Ross 354 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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