Social Security: The Windfall Elimination Provision (WEP)
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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 the provision is basically imprecise and can be unfair.
windfall elimination program; WEP; Social Security; pension benefits
A more recent version of this report can be found here: https://hdl.handle.net/1813/77825