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Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage or “windfall” these workers would otherwise receive as a result of the interaction between the Social Security benefit formula and the workers’ relatively short careers in Social Security-covered employment. Opponents contend the provision is basically imprecise and can be unfair.
Date: February 15, 2013
Creator: Scott, Christine
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage or “windfall” these workers would otherwise receive as a result of the interaction between the Social Security benefit formula and the workers’ relatively short careers in Social Security-covered employment. Opponents contend that the provision is basically imprecise and can be unfair.
Date: January 29, 2010
Creator: Shelton, Alison M.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage these workers would otherwise receive because Social Security’s benefit formula is weighted such that workers with low lifetime earnings receive a greater share of their covered earnings in benefits than workers with medium or high lifetime earnings. Opponents contend that the provision is basically imprecise and can be unfair.
Date: May 11, 2009
Creator: Shelton, Alison M.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage or “windfall” these workers would otherwise receive as a result of the interaction between the Social Security benefit formula and the workers’ relatively short careers in Social Security-covered employment.
Date: January 8, 2013
Creator: Scott, Christine
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage these workers would otherwise receive because of Social Security’s benefit formula that favors workers with smaller amounts of Social Security-covered career earnings. Opponents contend that the provision is basically inaccurate and often unfair.
Date: March 8, 2007
Creator: Haltzel, Laura
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP) reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage or “windfall” these workers would otherwise receive as a result of the interaction between the Social Security benefit formula and the workers’ relatively short careers in Social Security-covered employment. Opponents contend that the provision is basically imprecise and can be unfair.
Date: January 30, 2012
Creator: Shelton, Alison M.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP) reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage or “windfall” these workers would otherwise receive as a result of the interaction between the Social Security benefit formula and the workers’ relatively small portion of their careers in Social Security-covered employment.
Date: June 30, 2015
Creator: Sidor, Gary
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Windfall Elimination Provision (WEP)

Description: This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage these workers would otherwise receive because of Social Security’s benefit formula that favors workers with smaller amounts of Social Security-covered career earnings. Opponents contend that the provision is basically imprecise and often unfair.
Date: January 14, 2008
Creator: Haltzel, Laura
Item Type: Report
Partner: UNT Libraries Government Documents Department

Age Dependency Ratios and Social Security Solvency

Description: As highlighted by the Social Security Administration (SSA), the aging of the (United States) population, hastened by the impending retirement of the huge baby-boom generation, has caused policy-makers to question whether the U.S. Social Security system can meet the demands for retirement benefits in the future. Because the current system largely pays benefits through taxes paid by current workers, the financial health of the system is sensitive to the ratio of dependents to workers—sometimes called the age dependency ratio or support ratio. Trends and projections of dependency ratios, including the relationship between both older (years 65 and older) and younger (under age 20) dependents to the working-age population in the United States are considered in the first section of this demographic report. Next, the United States is compared to nine other nations, including the seven other members of the G8. In the final section, policy implications of the changing dependent-to-worker ratios are considered in the context of pay-as-you-go (paygo) social security systems.
Date: October 27, 2006
Creator: Shrestha, Laura B.
Item Type: Report
Partner: UNT Libraries Government Documents Department

H.R. 4: The Pension Protection Act

Description: This report discusses the Pension Protection Act (PPA) reforms and the funding rules for defined benefit pensions; requires employers to disclose more information about pension funding; restricts benefit payments and accruals in underfunded plans; and clarifies, prospectively, that cash balance pension plans do not violate legal prohibitions on age discrimination in employee benefits.
Date: September 27, 2006
Creator: Purcell, Patrick
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Government Pension Offset (GPO)

Description: This report discusses the social security benefits and the spousal benefits of individuals who are not financially dependent on their spouses because they receive benefits based on their own work records.
Date: March 4, 2009
Creator: Shelton, Alison M.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Summary of the Pension Protection Act of 2006

Description: This report summarizes the main provisions of the Pension Protection Act (PPA) as they affect single-employer defined benefit plans, multiemployer defined benefit plans, and defined contribution plans.
Date: October 23, 2006
Creator: Purcell, Patrick
Item Type: Report
Partner: UNT Libraries Government Documents Department

The Market for Retirement Annuities

Description: A retirement annuity allows an individual to purchase a regular payment stream from an insurance company to last his lifetime. Despite the ability of the product to eliminate the risk that a retiree will outlive his assets, few retirement annuities have been sold in the individual market. In addition, the number of individuals who annuitize their defined contribution retirement plan balances remains small. New products are emerging that would offer alternate annuity designs and make annuity prices more attractive. This report discusses legislation has been proposed in the 109th Congress that would enhance the tax treatment of annuities and encourage the growth of stand-alone annuity and combined annuity and long-term care products.
Date: May 18, 2006
Creator: Ranade, Neela K.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Government Pension Offset

Description: This report discusses the Government Pension Offset (GPO) provision, which reduces Social Security benefits that a person receives as a spouse if he or she also has a government pension based on work that was not covered by Social Security. Its purpose is to replicate Social Security’s “dual entitlement” rule, which requires that a Social Security benefit earned as a worker be subtracted from any Social Security spousal benefit to which the worker is eligible. Its intent is to remove an advantage these workers would otherwise receive if they could receive both a government pension and full Social Security spousal benefits. Opponents contend that the provision is basically inaccurate and often unfair. Five bills have been introduced in the 108th Congress that would modify or repeal the provision.
Date: February 13, 2003
Creator: Kollmann, Geoffrey
Item Type: Report
Partner: UNT Libraries Government Documents Department

Federal Employee Retirement Programs: Budget and Trust Fund Issues

Description: Retirement annuities for civilian federal employees are provided mainly through two programs: the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). These annuities are financed through a combination of employee contributions and payments made by the federal government to the civil service retirement trust fund. This report discusses the two programs, how they work, and how they are financed.
Date: March 14, 2007
Creator: Purcell, Patrick J.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Federal Employee Retirement Programs: Budget and Trust Fund Issues

Description: Retirement annuities for civilian federal employees are provided mainly through two programs: the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). These annuities are financed through a combination of employee contributions and payments made by the federal government to the civil service retirement trust fund. This report discusses the two programs, how they work, and how they are financed.
Date: May 24, 2004
Creator: Purcell, Patrick J.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Summary of the Employee Retirement Income Security Act (ERISA)

Description: The Employee Retirement Income Security Act of 1974 (ERISA) provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. ERISA contains various provisions intended to protect the rights of plan participants and beneficiaries in employee benefit plans. These protections include requirements relating to reporting and disclosure, participation, vesting, and benefit accrual, as well as plan funding. ERISA also regulates the responsibilities of plan fiduciaries and other issues regarding plan administration. ERISA contains various standards that a plan must meet in order to receive favorable tax treatment, and also governs plan termination. This report provides background on the pension laws prior to ERISA, discusses various types of employee benefit plans governed by ERISA, provides an overview of ERISA’s requirements, and includes a glossary of commonly used terms.
Date: April 10, 2008
Creator: Purcell, Patrick & Staman, Jennifer
Item Type: Report
Partner: UNT Libraries Government Documents Department

ERISA’s Impact on Medical Malpractice and Negligence Claims Against Managed Care Plans

Description: This report examines the Employee Retirement Income Security Act of 1974 (ERISA), which provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. While ERISA does not require an employer to offer pension and welfare benefits, it does mandate compliance with its provisions if such benefits are offered. Congress enacted ERISA to eliminate the conflicting and inconsistent regulation of pension and employee welfare benefit plans by state laws. The provisions at issue in the preemption debate are sections 502(a) and 514(a) of ERISA.
Date: February 21, 2008
Creator: Shimabukuro, Jon O.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Retirement Benefits for Members of Congress

Description: This report discusses the Civil Service Retirement Act of 1920 (P.L. 66-215) that established a pension system for federal employees in the executive branch of government.
Date: October 28, 2008
Creator: Purcell, Patrick
Item Type: Report
Partner: UNT Libraries Government Documents Department

Overview of Filipino Veterans' Benefits

Description: This report defines the four specific groups of Filipino nationals who served under the command of the United States. It also outlines the Rescission Acts of 1946, benefit changes since 1946, current benefits for Filipino veterans by group, and recent legislative proposals and legislation.
Date: October 10, 2008
Creator: Panangala, Sidath Viranga; Scott, Christine & Davis, Carol D.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Federal Reserve: Dividends Paid to Commercial Banks

Description: This report briefly provides background on dividends paid to banks by the Federal Reserve (Fed), which would be reduced in the Senate-passed highway trust fund bill (H.R. 22) as a budgetary offset.
Date: October 28, 2015
Creator: Labonte, Marc & Murphy, M. M.
Item Type: Report
Partner: UNT Libraries Government Documents Department

Social Security: The Cost-of-Living Adjustment in January 2005

Description: This report discusses how the cost-of-living adjustment (COLA) for Social Security benefits are determined. The 2.7% COLA payable in January 2005 was triggered by the rise in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) from the third quarter of 2003 to the third quarter of 2004. This COLA triggers identical percentage increases in Supplemental Security Income (SSI), veterans' pensions, and railroad retirement benefits, and causes other changes in the Social Security program.
Date: October 19, 2004
Creator: Sidor, Gary
Item Type: Report
Partner: UNT Libraries Government Documents Department

Retirement Saving Plans: Answers to Frequently Asked Questions

Description: This report provides answers to 10 of the most frequently-asked questions related to rules and provisions that govern savings in individual retirement accounts (IRAs).
Date: February 9, 2001
Creator: Franco, Celinda
Item Type: Report
Partner: UNT Libraries Government Documents Department