The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement, spousal, and survivors benefits. Before President Biden signed the Social Security Fairness Act into law, the OASI Trust Fund was expected to be insolvent by 2033, at which point only 79% of scheduled benefits would have been payable.

President Joe Biden signed one of his final pieces of legislation on Sunday, expanding Social Security benefits for millions of retired government workers initially denied these funds.

President Joe Biden has signed into law a measure that boosts Social Security payments for current and former public employees.

Biden estimated the bill should lead to an average monthly increase of $360 for certain public employees and their spouses and survivors. The outgoing president said more than 2.5 million Americans will receive a lump sum payment worth "thousands of dollars" to compensate for the benefits they should have received last year.

The Social Security Fairness Act provides a lump-sum payment to over 2.5 million Americans to cover benefits they should've received in 2024.

Retired public workers will get check adjustments and retro pay under the recently signed Social Security Fairness Act.