Millions to get higher Social Security payments under new law

President Biden on Sunday signed a measure into law that will boost Social Security payments for nearly 3 million current and former public employees.

Biden signed the Social Security Fairness Act, which effectively revoked two rules that reduced benefits for public employees receiving state pensions.

“The bill I’m signing today is about a simple proposition: Americans who have worked hard all their life to earn an honest living should be able to retire with economic security and dignity — that’s the entire purpose of the Social Security system,” Biden said during a signing ceremony in the White House East Room.

Biden noted that the new law “is a big deal” and that those affected will be receiving these payments this year. 

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

Biden speaks during the bill signing ceremony for the “Social Security Fairness Act” on Sunday. (REUTERS/Nathan Howard / Reuters Photos)

Firefighters, police officers, postal workers, teachers, and others with a public pension have collected decreased Social Security benefits for jobs they held in the private sector because of WEP, which was designed to prevent so-called double-dipping from a government 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 will add $196 billion to the federal deficit over the next 10 years, according to the Congressional Budget Office.

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

Biden acknowledged that there is still more work to do regarding Social Security, including having the wealthy pay more.

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“I know there’s more work to do, by the way, to improve and expand benefits, including those who most need to protect Social Security for the long term,” he said. “And finally, asking the wealthiest Americans to begin to pay their fair share so it’s able to be maintained and so much more.”

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