Budget will seriously screw FERS employees nearing retirement, as well as hurting CSRS retirees

Article Title: Trump’s 2018 Budget Reportedly Targets Federal Retirement Programs
Snippet of Article: "...The plan also eliminates cost of living adjustments for current and future FERS employees, and it would cut Civil Service Retirement System COLA adjustments by 0.5 percent...eliminate supplemental payments for FERS employees who retire before Social Security kicks in at age 62, beginning for those who retire in 2018...average of their highest five years of earnings, instead of the highest three years. This effectively would reduce payments for retirees..."

Source: www.govexec.com

[tag] Federal Employee News, Federal Civil Service, [/tag]

OPM: FERS Annuity Supplement

Article Title: OPM: FERS Annuity Supplement
Snippet of Article: "...The special retirement supplement is paid in addition to gross monthly Federal Employees Retirement System (FERS) annuity benefits. It represents what you would receive for your FERS civilian service from the Social Security Administration (SSA) and is calculated as if you were eligible to receive SSA benefits on the day you retired. Eligibility for the annuity supplement continues until the earlier of (1) the last day of the month before the first month for which you would be entitled to actual Social Security benefits or (2) the last day of the month in which you reach age 62. ..."

Source: www.opm.gov
[tag] Federal Employee News, Federal Civil Service, [/tag]

'Public-Private Employee Retirement Parity Act' would rob younger generation of pensions

FERS

Article Title: Senators Propose to End Defined Benefit Pensions for New Federal Employees
Snippet of Article: "...Senators Richard Burr (R-NC), Tom Coburn (R-OK), and Saxby Chambliss (R-GA) have reintroduced legislation that would end the defined benefit pension portion of the Federal Employee Retirement System (FERS) for new federal government hires..."

Source: www.fedsmith.com
[tag] Federal Employee News, Federal Civil Service, Public-Private Employee Retirement Parity Act [/tag]

House bill would effectively cut federal employees' pay by 5 percent

Article Title: House passes bill to cut feds' take-home pay by 5%
Snippet of Article: "...The bill would effectively cut federal employees' pay by 5 percent, and leave FERS employees contributing 5.8 percent of each paycheck toward their pensions and CSRS employees contributing 12 percent. The House approved the bill 218-199..."

Source: www.federaltimes.com

[tag]Federal,Government,Military,Retiree, federal employees' pay, [/tag]

'Lower level'Federal Employees under further attack

Article Title: Hoyer: Cuts to federal worker benefits should be in mix in Biden talks
Snippet of Article: "... If you compare, position by position, you will find that some positions, especially at the lower level, in the federal package is better but ..."

Source: thehill.com

[tag]Federal,Government,Military,Retiree, [/tag]

Retirement Portability Act and Federal Service

Article Title: Retirement Portability Act and fed workers prior service Snippet of Article: "...Public Law No: 106-168 permits former Federal Reserve Bank employees to receive credit in FERS if..."

Source: federaltimes.com

[tag]Federal,Government,Military,Retiree, [/tag]

Federal Retirement Blogs

Here are two very good Federal Employee Retirement Blogs you may find interesting. Both seem to provide a wealth of federal worker retirement tips and information and seem to provide good information from different referenced sources. Check them out and tell them we sent you;

• The Federal Retirement News and Refererence Source
• Federal Employee's Retirement Planning

FERS Creditable Service

Article Title: FERS Creditable Service
Snippet of Article: "...Federal “covered service”, that is, service in which the individual’s pay is subject to FERS retirement deductions, such as service under a career or career conditional appointment, Federal service performed..."

Source: www.opm.gov

[tag]Federal,Government,Military,Retiree, [/tag]