retirement

A budget deal--at workers' expense

Congress has passed, and the President is expected to sign, a bipartisan two-year budget agreement. The deal partly repeals some of the sequestration cuts, but requires increased pension contributions from federal employees hired on or after 1/1/2014. Those employees will have to pay 4.4% toward their pensions, but will not receive larger pensions as a result. Military retirees will also receive lower COLAs (cost-of-living adjustments) on their pensions until age 62. AFGE opposed these measures.

Federal retirement benefits under attack ... again

Govexec reports that Reps. Jim Bridenstine (R-OK) and Doug Lamborn (R-CO) will introduce a bill to get rid of budget caps at the Department of Defense ... while cutting Social Security and federal retiree benefits (by changing the way cost-of-living increases are calculated), more than doubling the amount federal workers pay toward their pensions, and eliminating the FERS supplement for employees who retire before they are eligible for Social Security. These retirement-cutting proposals were also endorsed by President Obama in his 2014 budget.

Cuts to federal worker income: past, present and future

Rep. Marcia Fudge introduced House Resolution 388, which summarizes the sacrifices federal workers have already made as a result of budget cutting. It also provides a comprehensive summary of new proposals that have been made to cut federal worker benefits, and opposes those cuts. A tab on the page also shows the list of current cosponsors to the bill. See http://beta.congress.gov/bill/113th/house-resolution/388/text

Federal retirement information conveniently summarized

Tammy Flanagan of the Government Executive website has posted a comprehensive summary of articles about understanding the federal retirement systems:

http://www.govexec.com/pay-benefits/retirement-planning/2012/09/back-bas...

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