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Monkeybusinessimages | Istock | Getty ImagesMillions of Americans may receive reduced Social Security benefits if they worked in public roles as teachers, firefighters, police or government workers. "There just aren't that many legislative days left," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare. Why public servants encounter reduced Social SecurityThe Social Security Fairness Act calls for repealing two titles of the Social Security Act that reduce or eliminate benefits for Americans who work in public service — the Windfall Elimination Provision and the Government Pension Offset. The Social Security Fairness Act would fully repeal both rules, thus making benefits more generous for those affected. 82 would need offsets not to have a huge financial impact on the Social Security trust funds, and it doesn't provide that," Sprick said.
The U.S. has a voluntary retirement savings system. But most IRA funds aren't contributed directly — they were first saved in a workplace retirement plan and then rolled into an IRA. 1 issue," Will Hansen, chief government affairs officer at the American Retirement Association, a trade group, said of workplace retirement savings. "[However], the retirement system is actually a good system for those who have access," Hansen said. In such cases, it may not be fair to place primary blame on the structure of the U.S. retirement system, Hansen said.
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