Ask Larry

Non-Covered Pension - WEP / GPO

Can Anything Be Done About The Reduction To My Widow's Benefit Amount?

I retired from a State job in Nov.. 2018, shortly before my 70th Birthday. Until I retired, I was receiving all of my deceased husband's SS benefits as a widow. (He diied of cancer in Jan. 2015.)
As soon as I retired, my income fell drastically: my MA State pension is at 50% because I "only" worked for 20.5 years (from ages 50---70$. His SS benefit for me was cut from $2450. peri month to about $500..

Thursday, May 6, 2021 - 08:34

Will Receiving Payouts From My 403(b) Plan Count For The Windfall Elimination Provision?

When applying for SS (my age is 66) and I paid into SS before and after my Church Pastoral Ministry,but was SS exempt during my ministry years, and I paid into a 403b9 program called Guidestone Retirement Resources, would this future payout (will apply for this payout in a year or so) be subject to SS scrutiny or Windfall Elimination Provision.

Wednesday, May 5, 2021 - 10:00

Why Was I Penalized For Having A Post Office Pension?

I was in the Army from 1965-1967. I applied for SS at age 62. I had all my quarters in SS before I worked for the post office. When I applied they told me I would receive $950.00 per month but because I retired from the PO they had to take some away. 15 year later I am only receiving $546. Why was I penalized for having a PO retirement? Also how do I know if I was credited for my military time? Thanks for any help.

Tuesday, April 27, 2021 - 11:03

Will I Still Be Affected By The Windfall Provision Even If I'm Not Receiving A TRS Pension?

My financial advisor is looking into having me terminate all history with TRS. I worked prior to accepting a job in a district that pays into TRS AND NOT Social Security for 14 years . Currently I’m working at a college and I pay and I both Social Security and TRS. If I cash out my TRS and take that 20% here and be done with them all together when it becomes time for me to retire well I still be here by the Wynfall illumination even though I’m not receiving a pension through TRS?

Tuesday, April 27, 2021 - 09:09

Will My Wife's Spousal Benefits Be Reduced When She Starts Receiving Her UK State Pension?

My wife and I are US citizens aged 68 and 67. We both worked in the UK for 30 years. I am receiving a UK state pension and a US social security pension which is reduced by the WEP. My wife receives a US spousal pension ( she did not have enough points to apply for a SS pension) which was determined at the same time as my WEP reduced pension.
My wife is entitled to a UK state pension. When she claims that will she need to notify the SSA and will it reduce her spousal pension?

Thursday, April 22, 2021 - 15:24

Will My DCP Be Subject To The Windfall Elimination Provision?

I am expecting to lose my job at a non-SS participating employer (the state) in the next few months. I have a DCP and will be able to roll over the entire account which I plan to do. I'm not eligible for retirement so I'll just be unemployed. Will that DCP be subject to the "Windfall" elimination provision (I put it in quotes because it's hardly a windfall). Thanks.

Tuesday, April 20, 2021 - 15:01

Does WEP Apply In My Case?

I will be eligible for full retirement in February of 2022 (born in December of 1955) at which time I will have accrued 21 years with substantial earnings in the US. I have also worked overseas for a period of 18 years without SS withholdings and I will be using US credits to get a pension there as well. My overseas overall pension will be reduced by 30% because of the fact I will also receive US retirement benefits. Does WEP apply in my case and if so how will my SS retirement benefits be affected?

Sunday, April 18, 2021 - 11:10

How Will Our Client's SS Benefits Be Affected By A Rollover Of Her 401A Account?

We have a client with a 401A, non covered retirement account and is leaving their employer. They have no prior substantial earnings years. They are starting a new covered job and plan to work there for many years.
if we choose to roll this 401A to an IRA now (she is 40 yrs old today), and we take distributions from that IRA beginning age 60, when she takes her SS benefit at FRA, how is the SS benefit affected?
Will it be reduced by WEP?

Saturday, April 10, 2021 - 10:06
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