By Eric Katz July 31, 2014
A new bill would walk back retirement pension contribution hikes for new federal employees, approved by Congress in recent years to address deficit concerns.
The legislation — introduced by Rep. Donna Edwards, D-Md., and cosponsored by Rep. Gerry Connolly, D-Va. — would repeal two separate increases on the amount federal workers must pay toward their pensions. A 2012 law to extend unemployment insurance forced employees hired in 2013 and those with less than five years of federal experience to pay an additional 2.3 percent for a total of 3.1 percent of each paycheck toward their defined benefit. The 2013 budget agreement required all employees hired after 2013 and with less than five years of federal experience to pay a total of 4.4 percent of their salaries toward their Federal Employees Retirement Systems accounts. Continue reading “Bill Would Repeal Recent Pension Contribution Hikes”