|Agency contributions rates going up in October?
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|Author:||Mad Maxx [ Thu Jul 18, 2019 2:07 pm ]|
|Post subject:||Agency contributions rates going up in October?|
I just got passed a "Benefits Administration Letter" Number 19-305, dated June 2019 from the Office of Personnel Management that states: At its 2017 meeting, the Board of Actuaries of the Civil Service Retirement System recommended revised long term economic assumptions and changes to the demographic assumptions for use in actuarial valuations of CSRS and FERS. These revised assumptions resulted in new normal cost percentages that increase agencies' contribution rates for FERS employees.... beginning in October 2019.
It then provides tables on different rate changes to include: Regular from 13.7% to 16%; Law Enforcement/Firefighters from 30.1 to 33.4%; Customs and Border Protection officers from 31.8 to 33.2%, etc.
Anybody know anything about this? I did some research and couldn't find anything. I couldn't even find 19-305 on line (with my limited search ability). Someone asked if this means the Government was going to increase their contributions into our TSP matching. Anyone else hear anything? I would upload the copy I have, but don't have that capability where I am sitting right now.
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