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NARFE urges defeat of increases in federal employee retirement contributions

from NARFE

NARFE is urging all members of the House of Representatives to oppose increases in federal employee retirement contributions proposed in a bill scheduled to be voted on later this week. "The proposal essentially would impose a 5 percent payroll tax on federal employees, which would cost them $83 billion over 10 years without any corresponding increase in retirement benefits," NARFE said in a letter sent May 8 to all 435 House members. It also would eliminate the annuity supplement for new employees under the Federal Employees Retirement System who retire before the age of 62. "Although federal employees make up less than 2 percent of the nation's workforce, this bill would take more than 30 percent of an estimated $261 billion in spending reductions from their pockets." more

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