Social Security WEP Fx Rate
#1
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Joined: Mar 2014
Posts: 2
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?
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?
#2
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.
#3
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
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.
#4
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Joined: Oct 2016
Location: Maryland
Posts: 25
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).
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.