Your Benefits

Civil Service Discussion.

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galveston1
Posts: 148
Joined: Tue Aug 16, 2016 5:29 pm

Your Benefits

Post by galveston1 »

Here's a rundown of the latest proposals:

1. Federal employees would have to pay more toward their retirement benefits

The most recent proposal, from the Trump administration, would apply only to employees under FERS and in most cases would require them to pay about 6 percent of salary more into the retirement fund, phased in as 1 percentage point increments each year. Those hired after 2012 already pay in at a higher rate and thus the increase for them would not be as steep.

2. Eliminating the FERS supplement

The White House budget also had proposed eliminating, for future retirees, the “special retirement supplement” that is paid to FERS retirees up to age 62 when Social Security kicks in.

3. High 5

The administration’s budget plan further proposed changing to a high-five salary base to calculate benefits of future retirees

4. COLA

for both current and future retirees, reducing the annual COLA for CSRS retirees while eliminating the COLA on the civil service portion of a FERS annuity

More: http://www.fedweek.com/fedweek/house-bu ... ributions/
In investing, what is comfortable is rarely profitable

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MadMoney
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Joined: Sun Apr 02, 2017 11:27 pm

Re: Your Benefits

Post by MadMoney »

I wouldn't worry too much yet.

JosieCat
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Joined: Thu Apr 06, 2017 1:05 pm

Re: Your Benefits

Post by JosieCat »

Wow, not even those who are already retired are safe any more.

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MadMoney
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Joined: Sun Apr 02, 2017 11:27 pm

Re: Your Benefits

Post by MadMoney »

So it would appear.

tmj500
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Joined: Fri Jun 16, 2017 1:11 pm

Re: Your Benefits

Post by tmj500 »

That is not good. Not good at all.

Atbattin
Posts: 34
Joined: Sun Feb 21, 2016 3:47 am

Re: Your Benefits

Post by Atbattin »

The part of the proposal to "Eliminate the FERS supplement" bugs me the most. After 32+ years I'm really hoping to move on to the next chapters soon after my MRA in Oct 2018. This would add an unwanted wrinkle to the planning.

mmmmmbeer
Posts: 917
Joined: Wed May 11, 2016 11:00 am

Re: Your Benefits

Post by mmmmmbeer »

Atbattin wrote:The part of the proposal to "Eliminate the FERS supplement" bugs me the most. After 32+ years I'm really hoping to move on to the next chapters soon after my MRA in Oct 2018. This would add an unwanted wrinkle to the planning.



Yup... thats the bad one for me. $204k loss if that goes through, from 50-62yo, MRA to SS eligible.
Those who 'abjure' violence can do so only because others are committing violence on their behalf.

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evilanne
Posts: 2067
Joined: Thu May 14, 2015 6:52 pm

Re: Your Benefits

Post by evilanne »

It will be up to the Senate now.
President's Budget http://www.myfederalretirement.com/publ ... t-2018.cfm
House of Representative http://www.govexec.com/pay-benefits/201 ... nt/139532/
Interesting thing is how it has lessoned somewhat between the President & House versions. The Changes for FERS-RAE & FRAE were overwhelmingly supported by Democrats in both the House & Senate, but they were tied up in appropriations bills like this one will be and they only applied to new employees. So if vote is along party lines the results may be reversed and you can expect at least some trimming of federal benefits.
If you are concerned about proposed changes, you should be contacting your Senators.

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evilanne
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Joined: Thu May 14, 2015 6:52 pm

Re: Your Benefits

Post by evilanne »

For FERS employees that choose to contact their Senators, something that you should know: FERS was setup to pre-fund the retirement obligation. CSRS was never fully funded and the Civil Service Retirement and Disability Fund including FERS contributions has been used to fund the unfunded liability of CSRS https://fas.org/sgp/crs/misc/RL30023.pdf

The proposed legislation is primarily going after FERS benefits because majority of current government employees now fall under FERS so there is a bigger cost savings, if successful. I imagine that they are not going after CSRS because they are a more vocal constituency although there are currently more of them on the retirement rolls.

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LockHerUp!
Posts: 10
Joined: Wed Feb 15, 2017 5:39 am

Re: Your Benefits

Post by LockHerUp! »

Hope none of this actually passes.

BigBrenda
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Joined: Mon Jan 30, 2017 10:24 pm

Re: Your Benefits

Post by BigBrenda »

Chill folks. It's a long way before anything becomes law.

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USA
Posts: 15
Joined: Sun Feb 26, 2017 7:57 pm

Re: Your Benefits

Post by USA »

Agree with Brenda.
MAKE AMERICA GREAT AGAIN

TheWall
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Joined: Mon Jan 30, 2017 10:18 pm

Re: Your Benefits

Post by TheWall »

I know it has been mentioned to call or write your member of congress. But I would also bring these issues up when they hold town halls in your area.

Vanguard
Posts: 10
Joined: Sat Feb 25, 2017 11:05 pm

Re: Your Benefits

Post by Vanguard »

TheWall wrote:I know it has been mentioned to call or write your member of congress. But I would also bring these issues up when they hold town halls in your area.


Good idea. Keep the pressure on. :mrgreen:

EasyEddie
Posts: 10
Joined: Mon Jan 09, 2017 8:09 pm

Re: Your Benefits

Post by EasyEddie »

Agree.

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