House Republicans have advanced a series of proposals attempting to cut costs by reducing the value of federal retirement annuities, increasing contributions into the government’s retirement system, and requiring federal employees to decide between taking a reduced paycheck or keeping their civil service protections. In a Wednesday markup of the Oversight and Government Reform Committee, Republicans voted to push forward with six proposals to be included in the GOP’s budget reconciliation package. If adopted into the final version of the legislation, the proposals would make the following changes: Raise the Federal Employees Retirement System (FERS) contribution rate to 4.4% across the board Eliminate the FERS annuity supplement for all federal employees, except those in occupations subject to mandatory early retirement Change the FERS annuity calculation from “high-3” to “high-5” of an employee’s salary Make all new federal employees “at-will” unless they accept an additional 5% FERS contribution Charge federal employees a $350 fee to file an appeal with the Merit Systems Protection Board Require an eligibility audit of all Federal Employees Health Benefits (FEHB) enrollees and remove any ineligible participants from the program GOP lawmakers advance proposals to reduce federal benefits, gut civil service protections
Note a show stopper for me since I’ll be gone before this goes into effect. Changing the pension calculation from high-3 to high-5 will slightly lower the pension payout. Removing the FERs supplement may just result in people working until they are 62. Biggest impact may be laying increased cost of 4.4% into their retirement this would effectively have the effective of a pay cut for everyone
Well you gotta start somewhere. How else would you ensure that Bezos, Oprah and Zuckerberg get a tax cut?
Well, each employee word be afforded the opportunity for deciding whether they want the edits if that 5% or not. So no issue