Ohio Retirement Systems Join Forces to Encourage WEP Reform
On June 29, four of Ohio’s retirement systems, including SERS, submitted a letter to the House Ways and Means Subcommittee on Social Security urging Chair John Larson and Ranking Member Tom Reed to find an equitable solution to the Windfall Elimination Provision (WEP).
In the letter, the executive directors noted that no state has felt the impact of the WEP more acutely than Ohio, which has a higher percentage of non-covered public workers than any other state. This offset currently impacts more than 148,000 Ohioans, diminishing their retirement security and reducing their ability to provide for themselves and their families.
While the Government Pension Offset (GPO) has not been addressed yet, SERS staff is working to begin that conversation with legislators.
WEP reform discussions are still in the early stages, but H.R. 2337, to revise the WEP formula, now has 170 cosponsors. The bill, introduced by Rep. Richard Neal, (D-MA), Chairman of the Committee on Ways and Means, would amend title II of the Social Security Act to provide an equitable Social Security formula for individuals with noncovered employment and to provide relief for individuals currently affected by the WEP. The Ohio cosponsors include Reps. Joyce Beatty, Marcy Kaptur and Tim Ryan.
While a vote on this legislation has not been scheduled, we will continue to advocate for a bi-partisan solution and at the appropriate time we will reach out to members and retirees to request that they contact their members of Congress regarding this important issue.