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Search Tags: COLA
Picture yourself floating in a deep, dark swamp, Senior Correspondent Mike Causey says. There doesn't appear to be any danger, except the pair of eyes watching you from the surface of the swamp. But what harm could they do? Ever hear of the federal version of the "Creature from the Black Lagoon?"
How can you tell the difference between a current government worker and a retired civil servant? One of them is smiling, Senior Correspondent Mike Causey says. Think about it, prices have gone up, taxes have gone up, health premiums have gone up -- but feds at the Pentagon, HUD, Interior and other agencies haven't had a raise in three years.
Feds who are already retired (and those who plan to retire someday soon) have several worries, Senior Correspondent Mike Causey says. For those about to take the plunge, the concern is the backlog of applications at the Office of Personnel Management. For those already on the roles the fear is that future benefit increases will be downsized each year.
When it comes to those annual cost-of-living adjustments, a growing number of federal workers and retirees actually get diet COLAs each January. And that would get worse -- and extend to all retirees under a White House plan that has strong congressional backing, Senior Correspondent Mike Causey says.
Federal, military and Social Security retirees get a cost-of-living adjustment like clockwork each and every year, even during years when federal workers do not get pay raises. But the 2014 cost-of-living adjustment for retirees is up in the air and on attack on two very different fronts, Senior Correspondent Mike Causey says.
Senior Correspondent Mike Causey wants to know: If I chopped a couple of bucks off each of the future cost-of-living adjustments made to your federal retirement or Social Security benefits would you even notice? Or, would you pick up the fact that over time that is a lot of money that you will never see.
Federal, military and Social Security retirees would receive smaller benefits in the future if the government switches to a new yardstick to measure inflation. How much would it cost you? Maybe more than you think, Senior Correspondent Mike Causey says.
President Barack Obama's proposal to change the way retirees' cost-of-living adjustments (COLAs) are calculated has drawn the ire of federal-employee groups and unions. The National Active and Retired Federal Employees Association (NARFE) has released a calculator designed to show retirees and policymakers how benefits would be reduced if the chained CPI were implemented.
President Barack Obama wants to make federal service cool again. But his budget proposals, which would reduce future retirement benefits and force feds to pay more for them, has a lot of current civil servants hot under the collar, Senior Correspondent Mike Causey.
Federal employees would see a slight pay bump next year under President Barack Obama's proposed budget for 2014. But at the same time, the White House budget outline proposes sweeping changes to federal employees' retirement benefits, including reductions to annual cost-of-living increases for retirees.