Biden Boosts Benefits: New Bill Expands Social Security for Retired Teachers and Public Workers

President Joe Biden has signed bipartisan legislation aimed at enhancing Social Security benefits for over 2 million Americans. This significant legislative action follows Congress’s approval late last year, marking a pivotal moment as Biden approaches the conclusion of his presidency.

The signing ceremony on Sunday served as a notable event, likely one of the final major legislative acts of Biden’s term. With Republicans now controlling Congress and Biden set to leave office on January 20 when President-elect Donald Trump is inaugurated, this act holds considerable weight. “By signing this bill, we’re extending Social Security benefits for millions of teachers, public employees, and their families,” Biden stated, highlighting an average benefit increase of $360 per month.

Under the new law, nearly 2.5 million beneficiaries will receive a lump sum payment retroactive to 2024, compensating for previously reduced benefits. The legislation passed the House with a vote of 327-75 and subsequently secured 76-20 support in the Senate.

This law aims to eliminate the windfall elimination provision and government pension offset that have diminished Social Security benefits for many years. Maine Republican Senator Susan Collins, present at the signing event, expressed her approval, stating that the repeal of these provisions marks a significant victory for public servants and retirees alike.

Former U.S. Representative Abigail Spanberger, who co-sponsored the legislation, celebrated the repeal as a long-overdue correction. “Our retired police officers, firefighters, teachers, and public employees worked for DECADES to right this wrong,” she expressed on social media.

However, the expansion of Social Security benefits is projected to cost approximately $195.65 billion over the next decade. According to the nonpartisan Congressional Budget Office, this could advance the insolvency date of the Social Security program by about six months, with projections indicating the Old-Age and Survivors Insurance trust fund could be exhausted by fiscal year 2033.

A range of congressional members, including both Republicans and Democrats, attended the ceremony at the White House, reflecting broad bipartisan support for the initiative. The newly signed legislation represents a landmark achievement in the ongoing discourse around Social Security reform.