House panel approves higher pension contributions for feds
from Federal Times
The House Oversight and Government Reform Committee approved a budget plan that would raise federal employees' retirement contributions by five percentage points over five years. The increase would effectively mean a 5 percent pay cut for federal employees. Federal Employees Retirement System employees' contributions would increase from 0.8 to 5.8 percent by 2017, and Civil Service Retirement System employees' contributions would increase from 7 to 12 percent over the same period.
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