Social Security WEP Fx Rate
 

Given the recent large swing in GBP/USD exchange following the Brexit vote, does anyone understand if, when and how US Social Security adjusts its Windfall Elimination charge against UK state pensions?
Does SS adjust the exchange rate automatically? If so, when, how often? Or, do they not adjust the FX rate after it is initially set?

Re: Social Security WEP Fx Rate
 

Hubby got caught in the WEP when he retired. No they do not recalculate based on the currency rate of exchange. Would be great for him if they did as the Canadian dollar is worth sh!t against the US Dollar.

Re: Social Security WEP Fx Rate
 

I guess the moral of the story is to get WEP'd when the UK pound exchange rate versus the dollar is very low. Very unfortunate for those that had the WEP calculation done around the time of the financial crisis when the exchange rate was so much higher.

Re: Social Security WEP Fx Rate
 

The authoritative answer to your questions can be found at:
https://drive.google.com/open?id=0Bz...W1UVVl5NWxRdnM

Please note that US Rep. John Sarbanes represents only constituents in Maryland. If you have questions about the information in the above-linked document, please contact your congressman, not Rep. Sarbanes (unless he happens to be your congressman).