Federal employees are nervous that any budget agreement that comes out of Congress this week will involve more cuts to their pensions.

Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., who head up the congressional budget conference committee, have until Friday to present their budget compromise that would roll back the automatic spending cuts that went into place during the sequester and will continue to fund the government until Jan. 15, 2014.

The congressional budget conference committee is considering asking federal employees to contribute 1.2 percent more of their pay to their pension plans, a move that would save the government $20 billion over a decade. Those savings would be used to repeal part of the sequester cuts.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.