President Joe Biden recently signed the Social Security Fairness Act into law. This new legislation will have a big impact on retired teachers and other public sector workers. The law repeals two rules that have been in place for decades: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

It has nothing to do with Social Security's funding crisis. Instead, the Social Security Fairness Act will increase benefits for 2.8 million Americans that some say have had their checks unfairly reduced over the years. As a result, these seniors are now entitled to back pay. Here's what we know so far.

U.S. President Joe Biden signed the Social Security Fairness Act into law on Jan. 5., increasing the ability of retired public service workers who receive pensions to access Social Security benefits.