Senators voted 76-20 early Saturday to approve bipartisan legislation giving full Social Security benefits to more than 2.8 million public pension recipients who currently receive reduced-level payments, allowing them to collect benefits at the same levels as other retirees.
The bill passed in the House in November by 327-75 after it was pushed to the floor by a bipartisan group of backers, and President-elect Donald Trump recently said he backed the measure, reports The New York Times. Twenty-seven Republicans joined Democrats to pass the bill.
The measure will cost nearly $196 billion over the next 10 years and eliminates provisions that had been set up to keep retirees and their relatives from "double dipping" on benefits.
Special: Claim Your Additional $188,170 Before New Social Security Bill Passes
According to projections, the Social Security fund will run dry in 2038, meaning that if no action is taken, recipients will have their benefits cut by 27%. The legislation will speed up the timeline for Social Security to run out of money by about six months.
The legislation will affect public employees who get pensions that are exempt from Social Security payroll taxes, but who had worked for at least 10 years in jobs in which they were required to pay into the system. Additionally, it affects people who receive public pensions but also are eligible for Social Security benefits upon the death of a spouse or family member.
Both groups, under the current law, face reductions in benefits, but the law headed to President Joe Biden's desk for a signature will allow them to earn the full amount.
Special: Dr. Brownstein: Your Tiny Thyroid Causing Big Problems
"We have spent decades working to pass this legislation, and tonight is a victory for all the public servants who will finally get the Social Security they have earned," said Sen. Sherrod Brown, D-Ohio, a lead co-sponsor of the bill.
The bill is Brown's final achievement in office after he lost his bid for reelection in November.
Sen. Susan Collins, R-Maine, another lead sponsor on the bill, said it is "long overdue" as it is a matter of fairness for teachers, firefighters, and police officers, as well as some federal employees who were hired before 1984, when the federal pension system was brought into the Social Secuirty system.
Public sector retirees and allies from both parties have been pushing for the new legislation for decades.
This year, proponents in the House collected 218 signatures on a discharge petition that allowed it to come to the floor for a vote without having to undergo the usual committee consideration process, which Senate leaders also skipped.
Fiscal conservatives in the Senate, though, warned that eliminating the previous provisions could cause unintended consequences.
"We all agree the status quo is unfair, and it penalizes millions of hardworking Americans," said Sen. Joe Manchin, I-W.Va., who is retiring after the current session. "We also have an obligation to honor our promises to ensure that Social Security is going to be there for the people who have paid into it and have earned it, and also those generations who come after."
Sen. Thom Tillis, R-N.C., likewise argued that the bill that could affect Social Security's funds was too important to rush through, and the $190 billion it will cost will make it more difficult to fix the program's financial concerns.
But other Republicans said they are happy the bill passed.
"It should have been resolved years ago," Sen. Markwayne Mullin, R-Okla., commented.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
© 2024 Newsmax. All rights reserved.