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Federal workers’ pensions targeted in budget deal
Top lawmakers have found easy prey in their hunt for savings for Congress’ budget deal: Federal workers’ retirement programs, which are notably generous compared to the norm in private industry. Most federal civilian employees hired beginning in January will contribute 4.4 percent of their pay to their pension plans under the bipartisan budget agreement. Current government workers’ rates will remain unchanged: Those hired in 2013 will continue paying 3.1 percent, while most on the payroll before then will keep contributing 0.8 percent...Read More
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