Proposed Changes to our Benefits

[jonfresno]

I thought this article had the most details about the changes. For instance, I didn't know the gap up from contributing .8% to 4.4% was incremental. Also the change from high-3 to high-5 will take place on 1/1/2027. Another cattle-prod to clear house by the end of next year.

House Panel Advances Plan to Raise Retirement Contributions, Lessen Benefits

UPDATED: A House committee has passed a Republican leadership-crafted package that would degrade the value of benefits for newly retiring federal

www.fedweek.com

If they eliminate the FERS supplement this will affect a lot of folks at my agency who are under the age of 62 and were planning on retiring early next year at their MRA. And of course, the caveat is that we're not going to get riff'd. A LOT of folks have taken the most recent fork offer, some VERA and a few straight up retiring. To paraphrase Doechii - Morale is at an all-time low..

 

[rangerray]

I thought this article had the most details about the changes. For instance, I didn't know the gap up from contributing .8% to 4.4% was incremental. Also the change from high-3 to high-5 will take place on 1/1/2027. Another cattle-prod to clear house by the end of next year.

House Panel Advances Plan to Raise Retirement Contributions, Lessen Benefits

UPDATED: A House committee has passed a Republican leadership-crafted package that would degrade the value of benefits for newly retiring federal

www.fedweek.com

If they eliminate the FERS supplement this will affect a lot of folks at my agency who are under the age of 62 and were planning on retiring early next year at their MRA. And of course, the caveat is that we're not going to get riff'd. A LOT of folks have taken the most recent fork offer, some VERA and a few straight up retiring. To paraphrase Doechii - Morale is at an all-time low..

The FERS supplement was a big factor in my being able to retire at 56. This change will definitely affect some retirement plans. I’d think they’d want to keep it in place for now.


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[nasa1974]

I thought this article had the most details about the changes. For instance, I didn't know the gap up from contributing .8% to 4.4% was incremental. Also the change from high-3 to high-5 will take place on 1/1/2027. Another cattle-prod to clear house by the end of next year.

House Panel Advances Plan to Raise Retirement Contributions, Lessen Benefits

UPDATED: A House committee has passed a Republican leadership-crafted package that would degrade the value of benefits for newly retiring federal

www.fedweek.com

If they eliminate the FERS supplement this will affect a lot of folks at my agency who are under the age of 62 and were planning on retiring early next year at their MRA. And of course, the caveat is that we're not going to get riff'd. A LOT of folks have taken the most recent fork offer, some VERA and a few straight up retiring. To paraphrase Doechii - Morale is at an all-time low..

If the Republicans are able to pass this, it won't be much longer until they start coming after those of us that are already retired. They are trying to mess with our Medicaid/Medicare and the next thing is they will come after our Federal Healthcare.

 

[rangerray]

I think some of this is being conflated with waste/fraud/abuse in this discussion. We all want less of that, right?

Unless I’m wrong, I don’t believe the supplement is something the general public can take advantage of. It’s hard to defend in the public eye.

However, I think they should keep it to encourage folks to go ahead and retire early. It frees up jobs for promotions. It’s a whole lot cheaper than keeping somebody on the books, possibly stepped out in their grade for several more years. Plus, our pensions are no where near what folks were getting under the old CSRS.


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[jonfresno]

I think some of this is being conflated with waste/fraud/abuse in this discussion. We all want less of that, right?

Unless I’m wrong, I don’t believe the supplement is something the general public can take advantage of. It’s hard to defend in the public eye.

However, I think they should keep it to encourage folks to go ahead and retire early. It frees up jobs for promotions. It’s a whole lot cheaper than keeping somebody on the books, possibly stepped out in their grade for several more years. Plus, our pensions are no where near what folks were getting under the old CSRS.


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Yeah, unfortunately it is. In the IT/accounting section here, I know the folks who were contractors made out really well, so it's a trade off in my opinion. It's just so damned hard when you're right there, and the rug is pulled out from you.

Some of the folks in our section who recently retired were relatively young. They had a nice number of years of service, around 34 years, and I think they made out a bit better on FERS than they would have on CSRS factoring in the years worked. The CSRS folks who retired a few years back stayed on for like 40+ years. I think it really depended on what you put into the TSP. Two of my close coworkers maxed out their contributions and stayed in C fund thru thick and thin. They're sitting pretty right now. And of course, as long as social security remains solvent...

 

[rangerray]

Yeah, unfortunately it is. In the IT/accounting section here, I know the folks who were contractors made out really well, so it's a trade off in my opinion. It's just so damned hard when you're right there, and the rug is pulled out from you.

Some of the folks in our section who recently retired were relatively young. They had a nice number of years of service, around 34 years, and I think they made out a bit better on FERS than they would have on CSRS factoring in the years worked. The CSRS folks who retired a few years back stayed on for like 40+ years. I think it really depended on what you put into the TSP. Two of my close coworkers maxed out their contributions and stayed in C fund thru thick and thin. They're sitting pretty right now. And of course, as long as social security remains solvent...

Yea, my wife retired after 40 years under CSRS and at that time it benefited her to work that long. Her pension is excellent.


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