Browsing: FERS

Ryan budget would kill FERS supplement, tuition assistance

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The House Budget Committee’s report on Rep. Paul Ryan’s fiscal 2014 budget fills in a few more details on how it would affect federal employees. The budget, which the House passed March 21, would get rid of the Federal Employees Retirement System supplemental payment beginning in January 2014. That supplement is paid to FERS employees who retire before age 62, to replace the Social Security payment for which they are not yet eligible. The bill also would eliminate student loan repayments for federal employees. And its 10 percent federal workforce cut would be achieved by allowing agencies to only hire…

Will 5% pay cut change your retirement plans?

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The House yesterday passed a budget that hikes federal employees’ retirement contributions by 5 percent, which translates to an effective cut in take-home pay. If that becomes law, what would it mean for you? Would it change how much you invest in the Thrift Savings Plan? Or would you go so far as to bail out of the pension system — leave the federal service before retirement and get your FERS contributions refunded, with interest? (See “If You Leave Before Retirement Age” on this page for more details.) Write me at slosey@federaltimes.com if you’d like to talk further. If you…

GOP budget plan would drastically hike FERS contributions

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The Republican Study Committee yesterday proposed steep increases to the amount federal employees would contribute to their pension plans. The committee’s budget plan for next year — called “Cut, Cap and Balance: A Budget for Fiscal Year 2013″ — calls for federal employees to split the cost of their pensions with taxpayers. Federal Employees Retirement System employees now contribute 0.8 percent of each paycheck toward their pensions; the government covers the remaining 11.7 percent. This would mean FERS employees would pay 6.25 percent of each paycheck toward their pension. (Plus another 6.2 percent towards Social Security, of course, and their…

Unemployment deal would cut Congress' cushy pension

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Key congressional negotiators have just signed off on a conference report to extend the payroll tax cut and unemployment insurance, and there’s an unexpected surprise in there. New members of Congress would no longer get a cushy pension, and would instead get the same annuity as rank-and-file federal employees, according to Ali Ahmad, who is a spokesman for Rep. Darrell Issa, R-Calif. Feds under the Federal Employees Retirement System have their pension calculated at either 1 percent or 1.1 percent, depending on their age. But lawmakers under FERS have their pension calculated at 1.7 percent. That, when combined with their…

President signs end to NSPS

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President Barack Obama signed the Defense authorization bill into law Wednesday afternoon, marking the eventual end to the controversial National Security Personnel System. HR 2647 phases out the NSPS pay-for-performance system by Jan 1, 2012, and the Pentagon has six months from Wednesday to start transferring employees over to their original pay system. For many employees, that means a return to the General Schedule. The bill also contains a number of provisions long anticipated by federal employees: Federal Employment Retirement System (FERS) employees will be able to count unused sick leave toward their years of service, just as Civil Service…

Pass civil service reforms, Congress members urge

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Members of the House’s Washington, D.C.-area delegation are urging lawmakers to keep a series of civil service reforms in the final version of the fiscal 2010 Defense Authorization bill. The bill provides the long-desired FERS sick leave credit, which would allow sick leave to count as time served when calculating pensions. The provisions in the bill are the same as those contained in a bill introduced by Rep. James Moran, D-Va. “We’ve been working for a number of years to enact these common-sense federal employee reforms,” Moran said in a statement. “The House-passed Defense Authorization bill provides our best opportunity…

House passes sick leave credit for FERS employees

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The House approved a measure tonight that would allow federal employees under the Federal Employees Retirement System to count their unused sick leave toward their retirement pension calculations. The measure could bring the newer FERS system in line with the Civil Service Retirement System (CSRS), which always allowed that calculation. The Disabled Military Retiree Relief Act of 2009, H.R. 2990, passed in a 404-0 vote. It now moves to the Senate, which stripped similar provisions from a bill giving the Food and Drug Administration the authority to regulate tobacco. In addition, to allowing FERS employees count sick their unused leave toward…

House to vote on TSP, sick leave bill

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Update: HR 1804 passed by a unanimous voice vote today. It will now head to the Senate, which is expected to consider the bill as part of the larger tobacco bill. Original post: The House is preparing to vote on a bill containing several provisions affecting federal employees this afternoon. HR 1804, the Federal Retirement Reform Act, would: Automatically enroll all new employees in the Thrift Savings Plan’s G Fund. The Pentagon would decide on its own whether new military service members would be automatically enrolled. Create a Roth 401(k) option in the TSP. Allow the board governing the TSP to…

Sick leave bill introduced

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Reps. James Moran, D-Va., and Frank Wolf, R-Va., just reintroduced a bill that would allow employees under the Federal Employees Retirement System to count unused sick leave as time toward their annuities. The sponsors of the FERS Sick Leave Equity Act, which has not yet been assigned a number, say it will save the government $68 million per year by cutting down on employees’ lost productivity. Because FERS employees currently lose all of their sick leave credit when they leave the government, Moran said many start to suffer from the so-called “FERS flu” as they near retirement: FERS’ use it or lose it system for…

Sick leave bill on its way

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Rep. James Moran, D-Va., is preparing to reintroduce a bill that would allow employees under the Federal Employees Retirement System to count unused sick leave as time toward their annuities. Moran spokesman Austin Durrer said the bill could be reintroduced as early as next week. A previous sick leave bill sponsored by Moran was attached to a tobacco bill approved by the House last year, but the Senate’s version did not have a similar provision and the sick leave proposal did not survive.

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