"...Simpson and Bowles have rolled out yet another version of their deficit reduction proposals, and federal pension reform is still in there.
The famous 2010 bipartisan fiscal commission led by former Republican Sen. Alan Simpson from Wyoming and former Clinton White House Chief of Staff Erskine Bowles last week released its latest plan, which calls for $2.5 trillion worth of spending cuts and tax increases. Like President Obama and many lawmakers, the duo thinks federal employees need to contribute more to their retirement benefits. They also favor moving to a less generous formula -- the so-called chained CPI -- to calculate retiree cost-of-living adjustments..."
