Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Social Security WEP Fx Rate

Social Security WEP Fx Rate

Old Aug 11th 2016, 4:04 pm
  #1  
Just Joined
Thread Starter
 
Joined: Mar 2014
Posts: 2
Chrisjs is an unknown quantity at this point
Default 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?
Chrisjs is offline  
Old Aug 11th 2016, 5:36 pm
  #2  
Concierge
 
Rete's Avatar
 
Joined: Apr 2001
Posts: 42,537
Rete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond repute
Default 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.
Rete is offline  
Old Aug 11th 2016, 5:51 pm
  #3  
Lost in BE Cyberspace
 
Joined: Jan 2006
Location: San Francisco
Posts: 9,194
Giantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond reputeGiantaxe has a reputation beyond repute
Default Re: Social Security WEP Fx Rate

Originally Posted by Rete View Post
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.
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.
Giantaxe is offline  
Old Dec 1st 2016, 8:55 pm
  #4  
Just Joined
 
Joined: Oct 2016
Location: Maryland
Posts: 25
gpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond reputegpslouis has a reputation beyond repute
Default 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).

Last edited by gpslouis; Dec 1st 2016 at 9:06 pm.
gpslouis is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.