House Republicans last week unveiled a proposal to institute a new round of cuts to federal workers’ retirement benefits, including the imposition of a new pension surcharge unless a new hire elects to serve on an at-will basis.
The House Oversight and Reform Committee will meet Wednesday to consider the panel’s portion of the GOP’s budget reconciliation package to extend and expand tax cuts for the ultrawealthy, first implemented during President Trump’s first term.
Atop the panel’s laundry list of benefit cuts would involve the four-year phase-in of the 2013 Federal Employees Retirement System employee contribution hikes across government. When first enacted more than a decade ago, the increase of FERS employee contributions to 4.4% of basic pay did not apply to federal workers hired before December 2013, and those hired during 2013 contribute 3.1% toward their FERS annuity.
