Budget deal could target federal pensions, Social Security, other benefits

Budget deal could target federal pensions, Social Security, other benefits

Cuts to federal pensions, Social Security and other benefits could be on the table during negotiations on a longer term federal budget.

The Budget Conference Committee, created in the wake of the 16-day government shutdown, reportedly is considering major changes to a number of federal benefits programs as part of a deal to replace the across-the-board budget cuts known as sequestration.

These cuts could include: Continue reading “Budget deal could target federal pensions, Social Security, other benefits”

Budget deal could target federal pensions, Social Security, other benefits

Budget deal could target federal pensions, Social Security, other benefits

Cuts to federal pensions, Social Security and other benefits could be on the table during negotiations on a longer term federal budget.

The Budget Conference Committee, created in the wake of the 16-day government shutdown, reportedly is considering major changes to a number of federal benefits programs as part of a deal to replace the across-the-board budget cuts known as sequestration.

These cuts could include: Continue reading “Budget deal could target federal pensions, Social Security, other benefits”

CBO: Federal compensation cuts could save billions

CBO: Federal compensation cuts could save billions

Nov. 14, 2013 – 06:00AM   | By SEAN REILLY   |

The government could save about $280 billion during the next decade by paring the size of the federal workforce, spending less on federal pay raises and pensions, and adopting a more conservative inflation gauge to calculate cost-of-living adjustments for civilian retirees and other participants in federal benefits programs, the Congressional Budget Office said in its latest rundown of deficit cutting options.

The update comes as a House-Senate conference committee looks at ways to avoid another round of sequester-related budget cuts next year as well as means for reducing future deficits over the long haul. Both congressional Republicans and the Obama administration, for example, have endorsed replacing the current consumer price index with the “chained CPI” to set COLAs for federal retirees, Social Security recipients and other federal program beneficiaries. By 2023, that shift would save about $162 billion, the CBO estimated.

Continue reading “CBO: Federal compensation cuts could save billions”

Fed groups get in front of COLA calculation debate

Fed groups get in front of COLA calculation debate

 Thursday – 10/10/2013, 5:57am EDT

By Jason Miller

Any discussion of cuts to federal employee, retiree and veterans benefits out of the conversations to reopen the government, increase the debt ceiling or reduce the deficit should stop before they start, according to a variety of groups representing these constituents.

The National Active and Retired Federal Employees Association, the Military Officers Association of America, the American Foreign Service Association and others say White House and Congressional leaders need to come with better options than moving to the chained Consumer Price Index (CPI) formula to determine future cost of living adjustments (COLA).

The White House and congressional leaders have floated the idea of using the chained CPI formula instead of the CPI-W approach, which has been in use since 1996.

The groups representing current and retired federal employees, veterans and others believe this formula would hurt seniors or people with disabilities at a time they can least afford a reduction in payments. Continue reading “Fed groups get in front of COLA calculation debate”

Fed groups blast possible fiscal cliff switch to less generous COLA formula

Fed groups blast possible fiscal cliff switch to less generous COLA formula

  • By Kellie Lunney ; December 18, 2012

Advocates for federal employees and retirees urged lawmakers Monday to oppose a switch to a less generous formula for determining cost-of-living adjustments as part of a fiscal cliff deal.

Moving to the chained CPI would be “unfair” and “reduce significantly earned retirement benefits,” according to a Dec. 17 letter from the National Active and Retired Federal Employees Association to members of Congress. President Obama and House Speaker John Boehner, R-Ohio, both reportedly have offered proposals that include switching from the current formula to what’s known as the chained CPI to calculate annual cost-of-living adjustments for federal retirees and Social Security recipients. Continue reading “Fed groups blast possible fiscal cliff switch to less generous COLA formula”