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Search Tags: retirement
The $15 billion generated by the 2.3 percent more that new employees would pay for their retirement would help pay for the extension of unemployment insurance.
Congress hit future federal workers with a new higher pension tax. For current workers, there is no change but that could have been a warning shot across the bow, Senior Correspondent Mike Causey says.
Career coach Mike Townshend talks retirement planning with host Bob Leins.
February 20, 2012
Federal workers who have been paying attention to the various plans to have them finance unemployment benefits, highways and tax cuts must be confused, if not in a state of shock, Senior Correspondent Mike Causey says. Could it be that the only people who are happy are those who haven't been paying attention?
Federal Times Editor Steve Watkins, Senior Writer Sean Reilly,and NARFE Legislative Director Julie Tagen will discuss how government employees will be affected by proposed cuts to the federal budget.
February 15, 2012
Tags: pay and benefits , Congress , budget battle , budget cuts , Federal Times , Steve Watkins , Sean Reilly , NARFE , Julie Tagen , supercommittee , House , Senate , buyouts , Mike Causey , Your Turn
Two federal unions, the American Federation of Government Employees and the National Treasury Employees Union, say lawmakers removed the increase in federal employee contributions from the payroll tax extension, but added it to the unemployment insurance extension, which is part of the overall deal. The unions say if the provision becomes law, feds would see a pay decrease while everyone else would see an increase.
The current language of H.R. 3813 increases the CSRS and FERS employees' contribution to their retirements by 1.5 percent over three years. For individuals not subject to mandatory retirement who choose to retire on or after Jan. 1, 2013, the FERS minimum supplement is eliminated. Currently, the FERS minimum supplement is paid to those qualifying employees who retire prior to age 62.
When you think of federal workers, the term "swinger' isn't the first thing that pops into your head. But after some of the changes politicians want to make, anything could happen.
The personnel proposals included in the 2013 Defense Department budget include hikes to healthcare fees, cutbacks in both uniformed and civilian personnel. DoD also plans to save money through continued efficiencies and plans to increase the acquisition workforce.
President Obama's fiscal 2013 budget request released today ends the two-year federal pay freeze but increases contributions feds will have to make toward their retirement benefits.