In a landmark move, President Joe Biden has enacted the Social Security Equity Act, promising increased benefits for millions of Americans.

President Joe Biden recently signed the Social Security Fairness Act into law. This new legislation will have a big impact on retired teachers and other public sector workers. The law repeals two rules that have been in place for decades: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement, spousal, and survivors benefits. Before President Biden signed the Social Security Fairness Act into law, the OASI Trust Fund was expected to be insolvent by 2033, at which point only 79% of scheduled benefits would have been payable.

The Social Security Fairness Act eliminates two provisions that reduced Social Security benefits for some retirees who also received pension income.

Advocates say the Social Security Fairness Act rights a decades-old disparity, though it will also put strain on Social Security Trust Funds, which face a looming insolvency crisis.