1、 https:/crsreports.congress.gov Updated November 9, 2021The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional FormulaBackground Social Security is a work-based federal insurance program that provides monthly cash benefits to workers and their eligible family m
2、embers in the event of a workers retirement, disability, or death. Although participation in Social Security is compulsory for most workers, about 6% of workers in paid employment or self-employment are not covered by Social Security (i.e., earnings are not taxable or creditable for program purposes
3、). The regular Social Security benefit formula is progressive, replacing a greater share of career-average earnings for low-paid workers than for high-paid workers. Career-average earnings in Social Security are calculated as average indexed monthly earnings (AIME), which is the monthly average of t
4、he highest 35 years of covered earnings after indexing for wage growth. If a person has earnings not covered by Social Security, those noncovered earnings are shown as zeros in their Social Security earnings records. As a result, the regular formula cannot distinguish workers who have low career-ave
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