The Social Security Fairness Act eliminates two provisions that reduced Social Security benefits for some retirees who also received pension income.

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.

President Biden signed legislation into law over the weekend to expand Social Security benefits for droves of Americans. The measure, dubbed the Social Security Fairness Act, repeals two tax rules