As if the retirement crisis isn’t already bad enough, the budget proposal set to be announced next week will end up cutting federal employees’ retirement programs.
A report by the Washington Post finds that while the budget provides for a January 1.9 percent pay raise for civilian workers and a 2.1 percent hike for servicemembers, its retirement provisions will take away far more than it gives—or, as the report says, “would give to federal employees with one hand, while taking away with five others.”
The pay increase itself for the civilians is modest, but the changes to their retirement benefits aren’t—and they go in the opposite direction.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
