This week the House Budget Committee will vote on proposed changes to federal employees’ benefits. Below is four changes proposed by the 2018 Federal Budget. I have attached links for articles about the proposals below.
As law enforcement officers, we are required to retire by our 57th birthday. These proposals go back on what we were promised when we were hired by the federal government. It is important to voice our concerns to our representatives about these budgets proposals to break their promise to each of us. Please call your representative by calling (844) 669-5146 or visit our State Senators and Representatives Contact Information page for representative information.
The budget proposes four changes:
- An increase in employee contributions by 1 percent each year for the next six years,
- An elimination of the cost-of-living adjustment (COLA) for current and future Federal Employee Retirement System (FERS) participants and cutting the COLA by 0.5 percent for Civil Service Retirement System (CSRS) participants of what the typical formula currently allows,
- basing future retirement benefits on the average of an employee’s highest five years of salary. Currently, retirement benefits are based on an employee’s length of service, salary and highest three-year average salary, and,
- Eliminate supplemental payments to employees who retire before age 62.