Over 2 million Social Security beneficiaries had their retirement incomes reduced because of two programs. Here's how the Social Security Fairness Act addresses that.

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.