- More than 3.2 million individuals stand to receive one-time payments and higher monthly benefit checks after the Social Security Fairness Act was signed into law in January.
- The Social Security Administration on Tuesday said it plans to expedite the processing of those payments.
- Here’s when affected beneficiaries may see the money.
The Social Security Administration has released a new expedited timeline for when more than 3.2 million individuals will see one-time payments and higher benefit checks following the enactment of a new law.
The Social Security Fairness Act was signed into law by President Joe Biden on Jan. 5 and eliminated two provisions — the Windfall Elimination Provision and Government Pension Offset — that reduced benefits for certain people who received pensions from work not covered by Social Security.
Those who are affected will get a one-time retroactive lump-sum amount, dating back to January 2024, and will see a spike in their monthly payments as part of a new law.
Lorie Konish | CNBC