WASHINGTON (Reuters) – President Joe Biden signed a measure into regulation on Sunday that enhances Social Safety retirement funds to some retirees who draw public pensions, resembling former cops and firefighters, in what the White Home described as the primary growth of such advantages in 20 years.
The Senate voted final month to approve the Social Safety Equity Act, which might repeal two-decade-old provisions that may cut back advantages for individuals who additionally obtain a pension. The Home of Representatives had permitted it earlier.
“The invoice I am signing right this moment is a couple of easy proposition: Individuals who’ve labored exhausting all their lives … ought to be capable to retire with financial safety and dignity,” Biden mentioned. “That is all the goal of the Social Safety system crafted by Franklin Delano Roosevelt practically 90 years in the past.”
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The regulation overturns a decades-old change to the favored retirement program that had been made to restrict federal advantages to some higher-earning staff with pensions. Over time, rising numbers of workers resembling postal staff additionally noticed their funds capped.
(Reporting by Jeff Mason, Bo Erickson and Gram Slattery; Modifying by Lisa Shumaker)
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