House Budget Committee Chairman Paul Ryan released a budget plan Tuesday that would again increase retirement contributions by federal workers and reduce the amount paid by the government.
The Wisconsin Republican's plan does not indicate how big the increase would be but past plans from the budget committee have intended to make the two shares equal, which would mean a rise in an employee's share of nearly six percent of salary.
"This would achieve significant budgetary savings and also help facilitate a transition to a defined-contribution system for new federal employees that would give them more control over their own retirement security. This option would save an estimated $125 billion over ten years," the plan says.
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