President Joe Biden recently signed the Social Security Fairness Act into law. This new legislation will have a big impact on retired teachers and other public sector workers. The law repeals two rules that have been in place for decades: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement, spousal, and survivors benefits. Before President Biden signed the Social Security Fairness Act into law, the OASI Trust Fund was expected to be insolvent by 2033, at which point only 79% of scheduled benefits would have been payable.

The Congressional Budget Office (CBO) estimates the repeal will cost taxpayers $196 billion over the next decade, plus an additional $37 billion in interest payments. The Social Security Trust Fund is projected to run out by 2033, a date which could be moved up six months without further reform to the program.

It has nothing to do with Social Security's funding crisis. Instead, the Social Security Fairness Act will increase benefits for 2.8 million Americans that some say have had their checks unfairly reduced over the years. As a result, these seniors are now entitled to back pay. Here's what we know so far.

According to a news release by U.S. Senator Bill Cassidy, the Social Security Fairness Act ensures that public sector workers and their families in Louisiana will receive their full Social Security benefit.

Massachusetts teachers and other public sector employees who qualify for Social Security benefits through covered work will receive a higher benefit once the new rules go into effect.

Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks.

In 2025, the Social Security program in the United States is set to undergo major changes, impacting over 73 million individuals.