A note from Team Filene: Few financial challenges are as urgent—or as complex—as retirement readiness. With economic uncertainty, rising costs, and shifting member expectations, credit unions have a critical opportunity to step in as trusted guides. That’s why the lab* at Filene has decided to partner with Silvur, a leader in financial longevity and retirement education, to provide actionable insights that help credit unions support their members in building a secure financial future.
As new retirement policies take shape, credit unions have an opportunity to help members understand how these changes impact their long-term financial security.
To help our Filene community better understand the impact of the newly-passed Social Security Fairness Act, we’re excited to share the below insights from Silvur CEO Rhian Horgan and her team:
Last week, President Biden signed the Social Security Fairness Act. Millions of teachers, police officers, firefighters and public servants now have full access to Social Security Benefits.... and lots of credit union members!
Why this matters for Credit Unions:
Impacted members will be starting their Social Security benefits for the first time or seeing material increases (e.g. direct deposit opportunity). Additionally all impacted members will receive a lump sum payment for 2024 estimated at $12,000+ (e.g. CD opportunity). This primer explains how to guide members to receive their benefits by electing the direct deposit of their Social Security into their credit union accounts.
Who this Impacts:
Historically teachers, police officers, firefighters and public servants received pensions in lieu of Social Security. However the rules also made them ineligible for full spousal benefits and often reduced their post- public service Social Security benefits earned through private sector employment.
What Locations are Impacted:
The rules vary by state, municipality and school district, based on the retirement program.
- Teachers: Teachers who worked in most school districts in Alaska, California, Colorado, Connecticut, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Nevada, Ohio, Rhode Island, and Texas are impacted.
- Public service: The rules vary based on the local retirement systems but mostly impacted municipal workers, police and firefighters. Check out this impact map
How Members Collect their New Benefit:
The Social Security Administration (SSA) has communicated that if members have applied previously for Social Security benefits, the SSA will make the updates automatically. For members who have not filed for Social Security benefits, they will need to apply via SSA.gov or through their local office. The timing of the new payments (including the 2024 lump sum) has not been announced yet. Direct deposit is required to receive payments.
As credit unions help members navigate the evolving landscape of retirement planning, Silvur is ready to provide support. Their ready-to-use educational tools are available now, offering immediate value to credit unions and their members.
As the lab* at Filene launches its 2025 testing agenda—including our partnership with Silvur—stay tuned for more insights and results that will shape the future of retirement readiness.