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The following statements describe the basics of how Social Security benefits are calculated, except:
The Government Pension Offset (GPO) is a law that might reduce a spouse’s or widow’s or widower’s Social Security benefits if their spouse received a retirement or disability pension from a federal, state, or local government based on work for which they didn’t pay Social Security taxes. The Government Pension offset (GPO) impacts the Social Security benefits of the following individuals, except:
The following are true about how the GPO affects benefits, except:
Supplemental plans are a 401k, 457, 403b, offered by a Social Security-exempt agency that are not the primary retirement benefit. How does the GPO affect supplemental employer plans?
Assume Tammy currently works for a Social Security-exempt school district for 14 years (she worked 16 years in the past in the private sector, so the WEP reduces her worker Social Security benefit to $400). Her husband Steve works in the private sector as a mechanic. Which of the following is false about what happens to their retirement income when they retire?