Under the proposal, current employees would increase their required contributions toward retirement until the employee and government share are equal.
By Eric Yoder Eric Yoder National reporter focusing on internal federal government personnel, management and budget policies Email Bio Follow March 11 at 5:43 PM Federal employees would pay more toward their retirement benefits from salaries that generally would be frozen, under the Trump administration’s budget proposal released Monday.
The new proposal seeks to require employees to increase their contributions toward retirement until the employee and government share are equal. For most employees that would mean an increase of about six percentage points, which would be phased in as one percentage point more per year. The government share would decrease on the same schedule.
Also repeated is a proposal to reduce the rate of return paid by the Government Securities G Fund in the 401-style Thrift Savings Plan for federal employees and retirees. As of the end of February, that fund held $231 billion of the $572 billion total on investment in the program, which is run by an independent agency.
“Thankfully for federal employees and the American people, this budget is dead on arrival in the House of Representatives,” Rep. Gerald E. Connolly said. “Instead of recycling these tired and radical attacks on federal workers, the president should move expeditiously to implement the 1.9 percent pay increase Congress sent to his desk almost a month ago.”
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