No more Annuity Supplement in 2018 for all federal employees
This proposal is not from President Trump !!! This proposal is from OPM to President Trump!!! This will affect all federal employees.
Trump?s 2018 Budget Reportedly Targets Federal Retirement Programs - Pay & Benefits - GovExec.com
“” Finally, the proposal would eliminate supplemental payments for FERS employees who retire before Social Security kicks in at age 62, beginning for those who retire in 2018.""
If you are retiring after 2017 there will be no more Annuity Supplement if this is not stopped.
OPM owes billions to Hundreds of thousands to military federal employees, for the past 31 years they have been cheating us. This is there cover up plain. All federal employees have been paying in to FERS for years. How can they just take way our benefits. All federal employees needs to fight back !!! Find me on Twitter and fight with me!!! Pass this on to all federal employees.
@XyzMpe77joe
Re: No more Annuity Supplement in 2018 for all federal employees
Quote:
Originally Posted by
xyzmpe77joe
This proposal is not from President Trump !!! This proposal is from OPM to President Trump!!! This will affect all federal employees.
Trump?s 2018 Budget Reportedly Targets Federal Retirement Programs - Pay & Benefits - GovExec.com
“”
Finally, the proposal would eliminate supplemental payments for FERS employees who retire before Social Security kicks in at age 62, beginning for those who retire in 2018.""
If you are retiring after 2017 there will be no more Annuity Supplement if this is not stopped.
OPM owes billions to Hundreds of thousands to military federal employees, for the past 31 years they have been cheating us. This is there cover up plain. All federal employees have been paying in to FERS for years. How can they just take way our benefits.
All federal employees needs to fight back !!! Find me on Twitter and fight with me!!! Pass this on to all
federal employees.
@XyzMpe77joe
WH and Congress decide these things...not the agencies themselves.:rolleyes:
White House Throws Weight Behind Cutting Feds’ Retirement, Health Benefits
White House Throws Weight Behind Cutting Feds? Retirement, Health Benefits - Pay & Benefits - GovExec.com
Future of TSP Supplememntal
Quote:
Finally, the proposal would eliminate supplemental payments for FERS employees who retire before Social Security kicks in at age 62, beginning for those who retire in 2018.
Does anyone know the latest on the fate of the TSP Supplemental portion of FERS?
Are they saying any more? Would it be for newer employees, everyone, grandfathering current participants, etc.?
I actually gave mine up when I resigned many years ago, but my wife is trying to pick her retirement date and it would be good to know.
What do you know? Thanks!
Re: Future of TSP Supplememntal
House put forth their recommendation for all of Trump's cuts, so it'll be up to the Senate to approve that portion (which they probably will) and Trump to sign it (which he will). Nobody grandfathered and no exemptions for LEOs or mandatory retirement ages.
Re: Future of TSP Supplememntal
Quote:
Originally Posted by
GREENBAYPACKERS
House put forth their recommendation for all of Trump's cuts, so it'll be up to the Senate to approve that portion (which they probably will) and Trump to sign it (which he will). Nobody grandfathered and no exemptions for LEOs or mandatory retirement ages.
Can't put too much trust in the House actions. They have voted for all of the 'Trump federal benefits cuts' for years...like 8 at least.
The key will be the Senate. Of course the Senate has the GOP majority now, so definitely has a higher chance. Join NARFE, AARP, FMA and add your voice to them to stop the attack on Fed benefits.
Some of the R's come from areas with a lot of Fed workers, so it won't be a shoe in. My guess is that it will be more likely to affect new hires. Grandfather the existing workers. But that's not anywhere near guaranteed either. Should hear more about it after the Senate finally decides what it's going to do (or not do) wrt Health Care. It may be part of the 'new tax plan' that will be the next big Senate discussion. :scratchchin:
Re: Future of TSP Supplememntal
Im already part of the Treasury Union (NTEU), so I've been making my voice known to my reps
Re: Future of TSP Supplememntal
Tom, she might consider getting while the getting is good. The thing that sticks out to me is they keep going after FERS benefits (like the supplement) and FERS COLAs and all the while they're using FERS program funds to help fund CSRS. FERS was running a surplus up until 3-4 years ago. Now it's running a deficit like CSRS because it's being raided to offset the CSRS deficit.
Now they want to raid it on the front and back end.
House Budget Proposal Includes Cuts to Federal Employee Retirement Benefits
House Budget Proposal Includes Cuts to Federal Employee Retirement Benefits
The White House's 2018 budget proposal released in May included:
- An increase of 1 percent in retirement contributions for those in the Federal Employee Retirement System (FERS) -- phased over a period of several years.
- Instead of using the current high three average salary to calculate retirement annuities, replace with high five year average salary baseline.
- Eliminate the cost-of-living adjustments (COLA) to current and future FERS employees
- Reduce the COLA for CSRS employees by 0.5 percent.
- Eliminate the FERS annuity supplement for eligible employees retiring 2018 and beyond.
Re: Future of TSP Supplememntal
I don't understand why they are going after the COLAs so aggressively. Currently CSRS COLA is same as SS but their pensions are much more generous than FERS or SS. FERS doesn't even get any COLA until age 62 and it is already .5% less than SS & CSRS, although SS full benefits are not available until 65-67. Doing away with the supplement and COLA for FERS will likely delay retirement for many government employees which is counter to the administration's stated goal or reducing size of federal government through attrition. I see a lot of legal cases evolving for most of these if they actually pass.
Re: Future of TSP Supplememntal
House GOP Takes Cue From Trump, Targets Federal Retirement - Pay & Benefits - GovExec.com
Quote:
The House resolution would require federal employees to contribute more to their own retirement funds, a deficit-reduction strategy that’s gained traction in recent years. Additionally, it would eliminate annuity supplements for retirees covered by the Federal Employees Retirement System who retire before they are eligible for Social Security benefits.
However, the proposal provides does not define the size of the contribution increase, nor does it stipulate which employees would no longer receive annuity supplements—all future retirees or only new hires.
Re: Future of TSP Supplememntal
Re: Future of TSP Supplememntal
The battlefield has been prepped...
Current or very near future politicians (of both parties) will be jiggering the numbers and lobbing grenades to justify their actions. There ain't no money in our pension lock box - those assets are in the 'G Fund' which is very short term rolling debt borrowed for day to day expenses. The politicians are fighting because there is no design margin anymore - there is no vig.
So, sorry Tom, I don't think pensions are 100% safe whether your wife retires Monday or ten years of Mondays from now. It is really just a matter of how much a haircut will take place.
Very happy for our 401(k) (ie. TSP). Current and near term politicians cannot directly 'honor' the promises of politicians of yesteryear by jiggering F/C/S/I...
Re: Future of TSP Supplememntal
Quote:
Originally Posted by
uscfanhawaii
USCFanHawaii,
Your thinking is old school. When there ain't no money there ain't no honey. Politicians did not invest our tax and borrowed money well enough to grow the economic - and thus the tax - base high enough to 'honor' their promises. We are in for a haircut - and, some of that is undeserved but it will be real.
