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Search Tags: retirement contribution
Many in government are worried about the threat of sequestration, the across-the-board budget cuts set to take effect in January unless Congress and the White come up with an alternative deficit-cutting plan. But federal employee groups and sympathetic lawmakers are also concerned about such alternatives -- if they contain changes to federal employee pay or compensation. Rep. Chris Van Hollen (D-Md.) and a slate of federal-employee unions and groups are warning of such proposals in the deficit talks to replace sequestration.
The GOP-controlled House passed legislation Thursday requiring federal workers to contribute more toward their retirement. The Sequester Replacement Act of 2012 proposed gradually increasing federal employees' pension contributions by 5 percent over five years as an alternative to sequestration.
What if we elected a Congress that fought all the time, couldn't agree on anything and where Democrats could hardly stand to be in the same building as Republicans, and vice versa? Well, fortunately, for federal workers we may have done that, and it could save you from taking a major pay cut over the next five years, Senior Correspondent Mike Causey says.
For years, federal and postal workers have benefited from congressional gridlock. Efforts to cut benefits, or force people to pay more for them, were often blocked by partisan wrangling. But where your pension is concerned, the good old days may be over, Senior Correspondent Mike Causey says.
For federal workers traveling through the congressional tunnel: Is that light they see sunshine or an oncoming train wreck? Either way their journey isn't over by a long shot, Senior Correspondent Mike Causey says.
Director John Berry said the proposition in the 2013 budget request to increase pay by 0.5 percent and increase the contributions employees pay to their retirement by 0.4 percent is "responsible" and "protects the benefit." OPM also would have to figure out how best to meet its mission with a flat budget next year. Berry said his top priority is reducing the backlog of retirement claims.
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.