President Donald Trump authorized a pay raise for civilian and military employees beginning Jan. 1, 2018.
Federal, military and Social Security retirees may be looking at a January cost-of-living adjustment of 1.6 percent, says Senior Correspondent Mike Causey.
Rep. Anthony Brown (D-Md.) introduced the Federal Employee Pension Act of 2017 to reduce the mandatory 4.4 percent pension contributions by new federal employees.
Proposed changes to the federal retirement system could force current federal employees to delay retirements and spark financial hardship for current retirees. Federal financial experts discuss these proposals, which President Donald Trump included in his full fiscal 2018 budget request.
Every time federal workers hear about a private company freezing its pension plan, they feel a distinct chill. Senior Correspondent Mike Causey wonders if feds are feeling a little cold these days.
The Federal Retirement Thrift Investment Board is losing its executive director of 10 years. Greg Long announced his resignation during the board’s monthly meeting. In the interim, the agency’s chief investment officer, Ravindra Deo, will serve as the acting executive director while the board conducts a national search for a new leader.
With the President’s fiscal 2018 budget expected later this week, lawmakers and federal employee unions are gearing up for what could be a long and contentious fight over civilian agency spending and possible cuts to other federal employee programs. The National Active and Retired Federal Employees Association says the 2018 budget is its biggest challenge this year.
The CPI-E Act would require federal retirement programs to use the Consumer Price Index for the Elderly (CPI-E) when calculating cost-of-living adjustments. Currently the CPI used is the one for workers.
John Hancock Life & Health Insurance Company, OPM’s provider for the Federal Long Term Care Program, said “a confluence of factors” led to the sudden and drastic increases in premiums for 2017.
Federal employees and their families will see a 4.4 percent increase in their Federal Employee Health Benefit premiums next year. But FEHBP participants will pay 6.2 percent toward their health care costs. The government share is 3.7 percent.