Sen. Richard Burr, R-N.C., questions current and former IRS employees May 21 before the Senate Finance Committee in Washington. (Getty Images)
Newly hired federal employees would not be eligible for traditional pensions under a bill reintroduced last week by Sen. Richard Burr, R-N.C., and two colleagues.
The measure, which would also apply to new members of Congress, would end the defined benefit portion of the Federal Employees Retirement System (FERS) for employees who come on board starting six months after it is signed into law, according to a news release from Burr’s office.
New federal employees could still participate in the Thrift Savings Plan,the federal government’s equivalent of a 401(k)-type program under which agencies match employees’ contributions up to 5 percent of their salaries.