12 key takeaways from the 2018 budget that could affect you
Have you read so much about the proposed 2018 budget that you feel like your head will explode? Do you just want to know which provisions would affect you, but ...
-An increase in employee contributions by 1 percent each year for the next six years.
-An elimination of the cost-of-living adjustment (COLA) for current and future Federal Employee Retirement System (FERS) participants.
-Cutting the COLA by 0.5 percent for Civil Service Retirement System (CSRS) participants of what the typical formula currently allows.
-Basing future retirement benefits on the average of an employee’s highest five years of salary. Currently, retirement benefits are based on an employee’s length of service, salary and highest three-year average salary.
-Eliminate supplemental payments to employees who retire before age 62.
Daisy Thornton is Federal News Network’s digital managing editor. In addition to her editing responsibilities, she covers federal management, workforce and technology issues. She is also the commentary editor; email her your letters to the editor and pitches for contributed bylines.