Federal Managers Association
By Erich Wagner, Government Executive
Republicans on the House Oversight and Government Reform Committee voted Wednesday mostly along party lines to advance a series of proposals that would require federal workers to pay more toward their retirement benefits and reduce the value of those benefits, despite criticism from Democrats and one of their own members.
As part of the GOP’s effort to pass legislation under budget reconciliation to extend and expand tax cuts for the wealthy first implemented during President Trump’s first term, the panel’s leadership unveiled plans to reduce federal spending by $50 billion, mostly by making federal workers’ contribute more toward the defined benefit portion of their retirement benefits, while simultaneously changing the formula to calculate their monthly annuity payment to be less generous.
To read the full article, click here.