Presentation on theme: "The GPO/WEP, Why They Should Be Repealed! Prepared by Liz Curtis for SSFAIRNESS.COM For use by public in fight to repeal the GPO/WEP."— Presentation transcript:
The GPO/WEP, Why They Should Be Repealed! Prepared by Liz Curtis for SSFAIRNESS.COM For use by public in fight to repeal the GPO/WEP
Even though you and/or your spouse have paid the required minimum or more into Social Security, your benefits may be cut by thousands of dollars or completely eliminated! Shocking facts about Social Security
You have had two jobs: one in which you paid Social Security taxes and therefore earned your own Social Security credits and another job in which you did not pay Social Security taxes. Penalized by the Windfall Elimination Provision (WEP). Your Social Security may be in jeopardy if:
Your spouse of at least ten years has earned Social Security credits. Penalized by Government Pension Offset (GPO). a. You probably will lose all the payments due you as a dependent spouse. (e.g. a stay-at-home childcare parent) b. You will lose at least part or more often all of the Social Security retirement payments that that normally go to the widow/er. Your Social Security may be in jeopardy if:
Points of Inequity of GPO/WEP GPO/WEP were designed for one purpose, but had a completely different result. The GPO/WEP are undesirable, unpredictable and inequitable. The WEP was originally designed to affect high-income politicians, not the low wage earners that it deeply penalizes. Equitable or Inequitable?
Points of Inequity of GPO/WEP The GPO/WEP formulas are arbitrary. These offsets were imposed 30 years ago before there were the data and analysis systems that we have now and are without a logical base for reduction amounts. Equitable or Inequitable?
Points of Inequity of GPO/WEP All who pay full Social Security contributions do not receive full benefits. The present GPO/WEP do not treat all citizens equally when computing benefits. It is possible to pay Social Security taxes of as much as $90,000 and perhaps more and yet, receive nothing in retirement benefits. Equitable or Inequitable?
Points of Inequity of GPO/WEP GPO/WEP cuts to earned benefits are substantial, commonly causing serious lifestyle reductions, sometimes even to poverty levels. Nine of ten widows/ers receive no survivor spousal benefits, causing a reduction of earned Social Security benefit which can be as much as or more than $25,000/year. Even a pension of as little as $1,500/month can cause TOTAL LOSS of needed survivor benefits. Equitable or Inequitable?
Points of Inequity of GPO/WEP The required money paid into Social Security is taxed independently from one’s pension and should be paid out independent of money received from one’s pension. Money in bank A should not affect money in bank B. Equitable or Inequitable? The GPO/WEP are based on incorrect assumptions.
Points of Inequity of GPO/WEP The GPO/WEP represent discrimination against women. The GPO currently penalizes about one half million retirees. 79% of them are women. 75 – 90% of those penalized lose ALL of their benefits. 21% have annuities of under $1,000/month. (NARFE) Equitable or Inequitable?
Points of Inequity of GPO/WEP Until recently, no law existed to inform employees about the GPO/WEP penalties. Large numbers of current public employees have not been told their public service employment is jeopardizing their already earned Social Security benefits. The law to notify new employees about the WEP/GPO only went into effect in Equitable or Inequitable?
Points of Inequity of GPO/WEP The cost of repeal of the GPO/WEP is minimal when compared to the total amount paid to retirees annually. In addition these benefits were paid for by required Social Security taxes. The cost of repeal of the GPO/WEP is only 2% of the overall Social Security costs paid to recipients. Find Estimated Trust Fund Information at Equitable or Inequitable?
Points of Inequity of GPO/WEP Can we as a nation afford this? The GPO/WEP penalize 1/3 of all U.S. educators, thereby discouraging the choice of teaching as a profession. A 2009 report by the National Commission on Teaching and America’s Future stated, “In less than a decade more than half of today's teachers – 1.7 million – could be gone.” The report explains that this is caused principally by retirement, but aggravated by the fact that one of every three new teachers leaves the profession within five years. We must attract teachers, not discourage them with penalties.
Points of Inequity of GPO/WEP Equitable or Inequitable? The GPO/WEP do not treat all citizens in an equitable manner when distributing Social Security benefits. Our government is built upon democratic principles and therefore all laws should abide by the principle of equal rights for all citizens.
Equitable or inequitable? The answer is clear! We must work for repeal of the unjust GPO/WEP!
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