One of the increases of revenue proposed by House Republicans is to increase the amount Federal employees pay into their pension system.
From Fedsmith.com comes the following:
“The standard contribution rate to FERS for federal employees hired before 2013 is 0.8%.
“For federal employees hired on or after January 1, 2013, or rehired with less than 5 years of civilian service, the contribution rate is 3.1%, and for those hired on or after January 1, 2014, the contribution rate is 4.4%.”
The House GOP bill proposes increasing pension payments to 4.4% for all Federal employees.
The increase would be phased in over two years for long-time employees.
