![]() ![]() ![]() Any reduction would be to your Social Security benefit, not your CalPERS pension.You should check your warrant or pay stub to see if Social Security taxes have been withheld. Not all CalPERS members are impacted by the WEP.The WEP may reduce Social Security benefits for those who receive any portion of their pension not covered by Social Security, and also qualify for benefits based on other Social Security-covered earnings.īelow is detailed information that may apply to you as a CalPERS member: In 1983, Congress passed the WEP to prevent employees who received non-covered (no Social Security taxes paid) pensions from the "windfall" of receiving the higher Social Security benefit calculation typically used for longtime, low-wage earners. For example, teachers and most safety personnel, such as firefighters and police officers, don't pay into Social Security. If you're eligible to receive a pension from an employer(s) who didn't withhold Social Security taxes from your earnings, the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) may reduce your Social Security benefit. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |