Bryan Barnfellow
Thinks s/he gets paid by the post
I have a problem that I am hoping you all might help me solve. It doesn't have anything to do with when to start benefits you will be very pleased to know!
I spent most of my working life in the US but the last five here in Switzerland, working for a Swiss-based non-profit organization. So, my employer and I do not make US SS contributions. I am required to pay into the Swiss SS system of course and will have a small benefit from it when I turn 65, along with my US SS benefits.
I am wondering if I will be affected by the Windfall Elimination Provision (WEP). In addition to paying into Swiss SS, my employer and I pay into a private retirement account in Switzerland (referred to as Pillar II), which when I retire will be essentially annuitized (I have no choice), creating an income stream for the rest of my life. It's not a lot; but it's greater than zero. It's almost like a 403(b) TIAA-CREF account in the US. Does this qualify as a "pension" in WEP terms? I cannot find a definition of it online at SSA or anywhere else. It seems to be focused mainly on government employees. I definitely do not have a defined benefit pension in the usual sense.
I only have 29 of the 30 years of payments into SS, so I am one year short and cannot escape the WEP IF it applies to me. Does it?
Thanks
-BB
I spent most of my working life in the US but the last five here in Switzerland, working for a Swiss-based non-profit organization. So, my employer and I do not make US SS contributions. I am required to pay into the Swiss SS system of course and will have a small benefit from it when I turn 65, along with my US SS benefits.
I am wondering if I will be affected by the Windfall Elimination Provision (WEP). In addition to paying into Swiss SS, my employer and I pay into a private retirement account in Switzerland (referred to as Pillar II), which when I retire will be essentially annuitized (I have no choice), creating an income stream for the rest of my life. It's not a lot; but it's greater than zero. It's almost like a 403(b) TIAA-CREF account in the US. Does this qualify as a "pension" in WEP terms? I cannot find a definition of it online at SSA or anywhere else. It seems to be focused mainly on government employees. I definitely do not have a defined benefit pension in the usual sense.
I only have 29 of the 30 years of payments into SS, so I am one year short and cannot escape the WEP IF it applies to me. Does it?
Thanks
-BB
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