Business

Benefits Cuts Are (Probably Not) Coming!

Government Executive: In 1986, not long before the implementation of the Federal Employees Retirement System, CQ Researcher reported on the Reagan administration’s plans to replace the existing Civil Service Retirement System.

“The president's 1987 budget once again proposes to make the new federal retirement system akin to private pension plans, but with one big difference,” the report stated. “Unlike most private sector workers, federal employees contribute directly to their pensions—currently 7 percent of salary under CSRS, after taxes, which Reagan wants to increase to 9 percent. He objects to federal retirement without penalty as early as age 55, after 30 years of service. The president would raise the retirement age to 62. He also has asked Congress to limit cost-of-living increases in pension benefits, a provision most private-sector plans do not offer.”

Does any of this sound familiar?

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