Windfall Elimination Provision - History

History

The Social Security Amendments of 1983 (Public Law 98-21) provided for the WEP as a means of eliminating the "windfall" of social security benefits received by beneficiaries who also receive a pension based on work not covered by Social Security. The windfall in question refers to the subsidization of the PIA for beneficiaries with lower incomes throughout life. Prior to the institution of the WEP, beneficiaries who paid little into social security but were paid well outside of the system were given this subsidy.

Read more about this topic:  Windfall Elimination Provision

Famous quotes containing the word history:

    The history of all previous societies has been the history of class struggles.
    Karl Marx (1818–1883)

    When the history of guilt is written, parents who refuse their children money will be right up there in the Top Ten.
    Erma Brombeck (20th century)

    You treat world history as a mathematician does mathematics, in which nothing but laws and formulas exist, no reality, no good and evil, no time, no yesterday, no tomorrow, nothing but an eternal, shallow, mathematical present.
    Hermann Hesse (1877–1962)