House Advances 2018 Budget Resolution With Federal Retirement Cuts (by Nicole Ogrysko – Federal News Radio)
The House passed a 2018 budget resolution that sets the stage for Congress to make billions of dollars in cuts to federal retirement.
The resolution includes “reconciliation instructions,” which charge the House Oversight and Government Reform Committee to develop legislative proposals to reduce the federal deficit by $32 billion over 10 years through reforms to civil service pensions.
Those reforms would include:
- Higher employee contributions to the federal defined benefit pension plan;
- An elimination of supplemental payments to employees who retire before age 62;
- A switch to a defined contribution pension plan for new federal employees.
Passing this resolution is another small step in a long, complicated process to enact deeper cuts to federal retirement and compensation.
Source: Federal News Radio
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