"...The House Oversight and Government Reform Committee on Thursday will consider a budget plan that would raise employees' pension contributions, which would result in an effective 5 percent pay cut.
The committee plans to vote on a fiscal 2013 budget reconciliation bill that would require both Federal Employees Retirement System (FERS) and Civil Service Retirement System (CSRS) employees to pay five percentage points more toward their pensions over five years. This would mean that by 2017, FERS employees would contribute 5.8 percent of each paycheck to their pensions — up from 0.8 percent now — and CSRS employees would contribute 12 percent of each paycheck to their pensions, which is up from 7 percent now.
The bill would increase pension contributions by 1.5 percentage points in 2013, 0.5 percentage points in 2014, and 1 percentage point each year from 2015 to 2017..."
The committee plans to vote on a fiscal 2013 budget reconciliation bill that would require both Federal Employees Retirement System (FERS) and Civil Service Retirement System (CSRS) employees to pay five percentage points more toward their pensions over five years. This would mean that by 2017, FERS employees would contribute 5.8 percent of each paycheck to their pensions — up from 0.8 percent now — and CSRS employees would contribute 12 percent of each paycheck to their pensions, which is up from 7 percent now.
The bill would increase pension contributions by 1.5 percentage points in 2013, 0.5 percentage points in 2014, and 1 percentage point each year from 2015 to 2017..."
