The Windfall Elimination Provision
The WEP applies to most people who receive both a pension from non-covered work and Social Security benefits based on fewer than 30 years of substantial earnings in covered employment or self-employment.
Many people don't know this, but your Social Security statement does not reflect any reduction in benefits due to WEP. The Social Security Administration will wait until you file to tell you how your benefit will be reduced. Until then the best way to project your benefit is navigating over to SSA.Gov and using the WEP calculator or calling the Social Security Administration.
Once you know your benefit, we recommend that you disable our Social Security calculations and model your benefits as a pension in My Plan > Income > Pensions.
Follow these steps:
STEP 1: Head on over to My Plan > Income > Pensions
STEP 2: Press Add a Pension +
STEP 3: Enter a descriptive name, Social Security Subject to WEP for example
STEP 4: Enter your monthly benefit
STEP 5: Enter the start and stop ages
STEP 6: Adjust the optimistic and pessimistic growth rates to match your Social Security COLA assumptions
STEP 7: Select the appropriate tax treatment
STEP 8: Save