Shows & Panels
Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- American Readiness: Renewable Power and Efficiency Technologies
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal News Radio's National Cyber Security Awareness Month Special Panel Discussion
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- Government Perspectives on Mobility and the Cloud
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- The New Generation of Database
- Reimagining the Next Generation of Government
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Eliminating the FERS flu
Thursday - 4/2/2009, 4:17pm EDT
A huge piece of legislation has just passed the House of Representatives and will dramatically change the current Federal Employee Retirement System.
Q: What is this legislation?
A: It's the "The Federal Retirement Reform Act of 2009" sponsored by Virginia Congressman Jim Moran.
It includes several things that'll change how the current retirement system works.
There are two different retirement systems: CSRS and FERS. This bill will affect FERS employees.
Q: In what way?
A: First, the FERS Sick Leave Bill will allow feds to cash out their sick time.
Currently, as they reach retirement, they have to "use it or lose it."
Under this legislation, they'll be allowed to cash it out.
Also, if you die, it'll cash our your unused sick leave for your beneficiary.
OPM has calculated millions of dollars in lost productivity (about $68 million a year) because feds are trying to use up their sick leave.
Just cashing it out would actually cost the federal government less money.
Q: There are other provisions, too?
A: Another big one is the FERS Redeposit Act.
What this does is allows a fed to return to government service.
It was developed in response to the coming "brain drain" so that agencies could maintain some institutional knowledge from long-time feds.
This allows employees to deposit any retirement payments they've received -- with interest -- into the Civil Service Retirement and Disability Fund.
In other words, they don't have to lose it.