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Thread: House passes massive Federal Employee Retirement Cuts

  1. #1

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    Default House passes massive Federal Employee Retirement Cuts

    If you haven't seen this- you need to.

    Yesterday, the House passed a MASSIVE CUT to Federal Employee Retirement benefits in the House budget.

    Included in the cuts:

    1. FERS supplement is gone EFFECTIVE IMMEDIATELY- INCLUDING ANYBODY WHO IS CURRENTLY RECEIVING FERS SUPPLEMENT.

    2. END to FERS Cost of Living Increased each year.

    3. A five-year phase in of the cost for FERS- from 0.8% to 6% of YOUR pay to pay for it.

    4. Changes that make the "G" fund worthless as an investment tool-


    Read the story here:


    House Approves Budget Plan that Would Cut Federal Employee Benefits
    by Eric Wagner, Govexec.com

    House Approves Budget Plan that Would Cut Federal Employee Benefits


    • House lawmakers voted 219-206 Thursday to approve a resolution outlining the body’s fiscal 2018 budget priorities, which include a number of controversial cuts to federal employees’ retirement and benefits programs.

    • The House’s budget resolution (H. Con. Res. 71) asks 11 committees to come up with a total of $1.5 trillion in spending cuts through budget reconciliation, setting the stage for Republicans’ tax reform initiative. Within that, the legislation mandates that the House Oversight and Government Reform Committee, which oversees federal compensation and retirement programs, cut $32 billion over the next 10 years.

    • The resolution does not specify how the oversight committee should achieve savings, but theTrump administrationlast spring proposed a number of changes to federal retirement: a 6 percentage point increase in employee contributions to the Federal Employees Retirement System, phased in over six years; the elimination of cost of living adjustments for FERS employees and a 0.5 percent reduction in COLAs for Civil Service Retirement System enrollees; elimination of the FERS supplement for employees who retire before Social Security kicks in at age 62; and basing the value of retirement benefits on the highest five years of employees’ earnings instead of the current highest three years.



    More to the article:

    http://www.govexec.com/pay-benefits/2017/10/house-approves-budget-would-cut-federal-benefits/141582/?oref=top-story


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  3. #2

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    Default Re: House passes massive Federal Employee Retirement Cuts

    Roll Call vote of who voted on the Budget resolution yesterday, which cuts Federal Employee retirement benefits to fund the tax cut for the rich:





    FINAL VOTE RESULTS FOR ROLL CALL 557(Republicans in roman; Democrats in italic; Independents underlined)
    H CON RES 71 YEA-AND-NAY 5-Oct-2017 11:48 AM

    QUESTION: On Agreeing to the Resolution

    BILL TITLE: Establishing the congressional budget for the United States Government for fiscal year 2018 and setting forth the appropriate budgetary levels for fiscal years 2019 through 2027

    YEAS NAYS PRES NV
    REPUBLICAN 219 18 3
    DEMOCRATIC 188 6
    INDEPENDENT
    TOTALS 219 206 9


    ---- YEAS 219 ---
    Abraham
    Aderholt
    Allen
    Amodei
    Arrington
    Babin
    Bacon
    Banks (IN)
    Barletta
    Barr
    Barton
    Bergman
    Biggs
    Bilirakis
    Bishop (MI)
    Bishop (UT)
    Black
    Blackburn
    Bost
    Brady (TX)
    Brat
    Brooks (AL)
    Brooks (IN)
    Buchanan
    Bucshon
    Budd
    Burgess
    Byrne
    Calvert
    Carter (GA)
    Carter (TX)
    Chabot
    Cheney
    Coffman
    Cole
    Collins (GA)
    Collins (NY)
    Comer
    Conaway
    Cook
    Cramer
    Crawford
    Culberson
    Curbelo (FL)
    Davidson
    Davis, Rodney
    Denham
    DesJarlais
    Diaz-Balart
    Donovan
    Duffy
    Duncan (SC)
    Duncan (TN)
    Dunn
    Emmer
    Estes (KS)
    Farenthold
    Faso
    Ferguson
    Fleischmann
    Flores
    Fortenberry
    Foxx
    Franks (AZ)
    Frelinghuysen
    Gaetz
    Gallagher
    Garrett
    Gianforte
    Gibbs
    Gohmert
    Goodlatte
    Gosar
    Gowdy
    Granger
    Graves (GA)
    Graves (LA)
    Graves (MO)
    Griffith
    Grothman
    Guthrie
    Handel
    Harper
    Harris
    Hartzler
    Hensarling
    Herrera Beutler
    Hice, Jody B.
    Higgins (LA)
    Hill
    Holding
    Hollingsworth
    Hudson
    Huizenga
    Hultgren
    Hunter
    Hurd
    Issa
    Jenkins (KS)
    Jenkins (WV)
    Johnson (LA)
    Johnson (OH)
    Johnson, Sam
    Jordan
    Joyce (OH)
    Kelly (MS)
    Kelly (PA)
    King (IA)
    Kinzinger
    Knight
    Kustoff (TN)
    Labrador
    LaHood
    LaMalfa
    Lamborn
    Latta
    Lewis (MN)
    Long
    Loudermilk
    Love
    Lucas
    Luetkemeyer
    MacArthur
    Marchant
    Marino
    Marshall
    McCarthy
    McCaul
    McClintock
    McHenry
    McMorris Rodgers
    McSally
    Meadows
    Messer
    Mitchell
    Moolenaar
    Mooney (WV)
    Mullin
    Newhouse
    Noem
    Norman
    Nunes
    Olson
    Palazzo
    Palmer
    Paulsen
    Pearce
    Perry
    Pittenger
    Poe (TX)
    Poliquin
    Posey
    Ratcliffe
    Reed
    Reichert
    Renacci
    Rice (SC)
    Roby
    Roe (TN)
    Rogers (AL)
    Rogers (KY)
    Rohrabacher
    Rokita
    Rooney, Francis
    Rooney, Thomas J.
    Roskam
    Ross
    Rothfus
    Rouzer
    Royce (CA)
    Russell
    Rutherford
    Ryan (WI)
    Sanford
    Scalise
    Schweikert
    Scott, Austin
    Sensenbrenner
    Sessions
    Shimkus
    Shuster
    Simpson
    Smith (MO)
    Smith (NE)
    Smith (TX)
    Smucker
    Stefanik
    Stewart
    Stivers
    Taylor
    Tenney
    Thompson (PA)
    Thornberry
    Tiberi
    Tipton
    Trott
    Turner
    Upton
    Valadao
    Wagner
    Walberg
    Walden
    Walker
    Walorski
    Walters, Mimi
    Weber (TX)
    Webster (FL)
    Wenstrup
    Westerman
    Williams
    Wilson (SC)
    Wittman
    Womack
    Woodall
    Yoder
    Yoho
    Young (AK)
    Young (IA)
    Zeldin

    ---- NAYS 206 ---
    Adams
    Aguilar
    Amash
    Barragán
    Bass
    Beatty
    Bera
    Beyer
    Bishop (GA)
    Blum
    Blumenauer
    Blunt Rochester
    Bonamici
    Boyle, Brendan F.
    Brady (PA)
    Brown (MD)
    Brownley (CA)
    Buck
    Bustos
    Butterfield
    Capuano
    Carbajal
    Cárdenas
    Carson (IN)
    Cartwright
    Castor (FL)
    Castro (TX)
    Chu, Judy
    Cicilline
    Clark (MA)
    Clarke (NY)
    Clay
    Cleaver
    Clyburn
    Cohen
    Comstock
    Connolly
    Conyers
    Cooper
    Correa
    Costa
    Costello (PA)
    Courtney
    Crist
    Crowley
    Cuellar
    Cummings
    Davis (CA)
    Davis, Danny
    DeFazio
    DeGette
    Delaney
    DeLauro
    DelBene
    Demings
    Dent
    DeSaulnier
    Deutch
    Dingell
    Doggett
    Ellison
    Engel
    Eshoo
    Espaillat
    Esty (CT)
    Evans
    Fitzpatrick
    Foster
    Frankel (FL)
    Fudge
    Gabbard
    Gallego
    Garamendi
    Gomez
    Gonzalez (TX)
    Gottheimer
    Green, Al
    Green, Gene
    Grijalva
    Gutiérrez
    Hanabusa
    Hastings
    Heck
    Higgins (NY)
    Himes
    Hoyer
    Huffman
    Jackson Lee
    Jayapal
    Jeffries
    Johnson (GA)
    Johnson, E. B.
    Jones
    Kaptur
    Katko
    Keating
    Kelly (IL)
    Kennedy
    Khanna
    Kildee
    Kilmer
    Kind
    King (NY)
    Krishnamoorthi
    Kuster (NH)
    Lance
    Langevin
    Larsen (WA)
    Larson (CT)
    Lawrence
    Lawson (FL)
    Lee
    Levin
    Lewis (GA)
    Lieu, Ted
    Lipinski
    LoBiondo
    Loebsack
    Lofgren
    Lowenthal
    Lowey
    Lujan Grisham, M.
    Luján, Ben Ray
    Lynch
    Maloney, Carolyn B.
    Maloney, Sean
    Massie
    Mast
    Matsui
    McCollum
    McEachin
    McGovern
    McKinley
    McNerney
    Meehan
    Meeks
    Meng
    Moore
    Moulton
    Murphy (FL)
    Nadler
    Neal
    Nolan
    Norcross
    O'Halleran
    O'Rourke
    Pallone
    Panetta
    Pascrell
    Payne
    Pelosi
    Perlmutter
    Peters
    Peterson
    Pingree
    Pocan
    Polis
    Price (NC)
    Quigley
    Raskin
    Rice (NY)
    Richmond
    Ros-Lehtinen
    Roybal-Allard
    Ruiz
    Ruppersberger
    Rush
    Ryan (OH)
    Sánchez
    Sarbanes
    Schakowsky
    Schiff
    Schneider
    Schrader
    Scott (VA)
    Scott, David
    Serrano
    Sewell (AL)
    Shea-Porter
    Sherman
    Sinema
    Sires
    Slaughter
    Smith (NJ)
    Smith (WA)
    Soto
    Speier
    Suozzi
    Swalwell (CA)
    Takano
    Thompson (CA)
    Thompson (MS)
    Tonko
    Torres
    Tsongas
    Vargas
    Veasey
    Vela
    Velázquez
    Visclosky
    Wasserman Schultz
    Waters, Maxine
    Watson Coleman
    Welch
    Wilson (FL)
    Yarmuth

    ---- NOT VOTING 9 ---
    Bridenstine
    DeSantis
    Doyle, Michael F.
    Kihuen
    Murphy (PA)
    Napolitano
    Rosen
    Titus
    Walz


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  5. #3

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    Default Re: House passes massive Federal Employee Retirement Cuts

    Don't panic yet...it just a budget resolution.

    https://federalnewsradio.com/retirem...tirement-cuts/


    A couple of things folks need to pay attention to:

    "Instead of the current formula, which caps the government contribution at the average weighted rate of change in FEHBprograms, the House resolution suggests tying government increases to the rate of inflation."

    "The latest version of the House resolution also includes a proposal that would reduce the G fund’s rate of return in the Thrift Savings Plan."

  6.  
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    Default Re: House passes massive Federal Employee Retirement Cuts

    Quote Originally Posted by evilanne View Post
    Don't panic yet...it just a budget resolution.

    https://federalnewsradio.com/retirem...tirement-cuts/


    A couple of things folks need to pay attention to:

    "Instead of the current formula, which caps the government contribution at the average weighted rate of change in FEHBprograms, the House resolution suggests tying government increases to the rate of inflation."

    "The latest version of the House resolution also includes a proposal that would reduce the G fund’s rate of return in the Thrift Savings Plan."
    AGAIN
    The "G" fund earned 8.81% in 1988. In 2016 it earned 1.82%. How much lower do they want to go?
    May the force be with us.

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  9. #5

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    Default Re: House passes massive Federal Employee Retirement Cuts

    Quote Originally Posted by nasa1974 View Post
    The "G" fund earned 8.81% in 1988. In 2016 it earned 1.82%. How much lower do they want to go?
    Really! Like anyone in the G fund is making any substantial coin. Even if they reduced it to Zero, I don't think the government would make a dent in the 20 million national debt. Yet, even the meager G return at least gives those folks SOMETHING. Serious misplaced attention. Don't they have anything better to go after?!?
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  11. #6

    Default Re: House passes massive Federal Employee Retirement Cuts

    Quote Originally Posted by James48843 View Post
    If you haven't seen this- you need to.

    Yesterday, the House passed a MASSIVE CUT to Federal Employee Retirement benefits in the House budget.

    Included in the cuts:

    1. FERS supplement is gone EFFECTIVE IMMEDIATELY- INCLUDING ANYBODY WHO IS CURRENTLY RECEIVING FERS SUPPLEMENT.

    2. END to FERS Cost of Living Increased each year.

    3. A five-year phase in of the cost for FERS- from 0.8% to 6% of YOUR pay to pay for it.

    4. Changes that make the "G" fund worthless as an investment tool-


    Read the story here:



    More to the article:

    http://www.govexec.com/pay-benefits/2017/10/house-approves-budget-would-cut-federal-benefits/141582/?oref=top-story
    Nothing like belonging to a party that is against your better interests.
    CURRENTLY 100% G (as of COB 03/18/2024) 1st March IFT

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  13. #7

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    Default Re: House passes massive Federal Employee Retirement Cuts

    Quote Originally Posted by FireWeatherMet View Post
    Nothing like belonging to a party that is against your better interests.
    Nothing like voting someone into office who's against your better interests...then defending them.
    [COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]

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    Default Re: House passes massive Federal Employee Retirement Cuts

    From what I’m reading these proposals mostly affect new hires and current employees. Not saying more of the proposals couldn’t affect current retirees, but the only I saw was the elimination/reduction of COLAs for current FER and CSRS retirees. This also affects Congress’ retirement going forward. What gets me is FERS was fully funded through employee contributions and agency budgets before someone decided to cover some of the CSRS deficit from FERS assets. Yet CSRS stills gets a reduced COLA while FERS gets none. No, I don’t like parts of it. And I’ll be writing my Congressmen about it.

    "The budget proposes a minimum of $32 billion in additional pay and retirement cuts to current, future, and retired federal workers – a down payment on President Trump's proposal to cut $149 billion from employees' pay and benefits over the next 10 years", American Federation of Government Employees (AFGE) National President J. David Cox Sr. said.

    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.

    The full House Budget proposal can be read here: https://budget.house.gov/budgets/fy18/

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  17. #9

    Default Re: House passes massive Federal Employee Retirement Cuts



  18.  
  19. #10

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    Default Re: House passes massive Federal Employee Retirement Cuts

    Don't worry, the Democrats need more votes in 2018, they will block this one in the Senate.



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    Default Re: House passes massive Federal Employee Retirement Cuts

    Quote Originally Posted by uscfanhawaii View Post
    Really! Like anyone in the G fund is making any substantial coin. Even if they reduced it to Zero, I don't think the government would make a dent in the 20 million national debt. Yet, even the meager G return at least gives those folks SOMETHING. Serious misplaced attention. Don't they have anything better to go after?!?
    SORRY!!! That should have been TRILLION, with a T (and 3 more decimal places!).
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  23. #12

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    Default Re: House passes massive Federal Employee Retirement Cuts

    Quote Originally Posted by James48843 View Post
    If you haven't seen this- you need to.

    Yesterday, the House passed a MASSIVE CUT to Federal Employee Retirement benefits in the House budget.

    Included in the cuts:

    1. FERS supplement is gone EFFECTIVE IMMEDIATELY- INCLUDING ANYBODY WHO IS CURRENTLY RECEIVING FERS SUPPLEMENT.

    2. END to FERS Cost of Living Increased each year.

    3. A five-year phase in of the cost for FERS- from 0.8% to 6% of YOUR pay to pay for it.

    4. Changes that make the "G" fund worthless as an investment tool-


    Read the story here:



    More to the article:

    http://www.govexec.com/pay-benefits/2017/10/house-approves-budget-would-cut-federal-benefits/141582/?oref=top-story
    Ten Republicans Urge Oversight Committee Chair Not to Cut Retirement Benefits for Feds - Pay & Benefits - GovExec.com

    And here's another govexec article saying that 10 Repubs wrote a letter asking that FED benefits NOT be reduced. Add to that the other faction of Repubs that will vote against it because it is NOT REDUCED ENOUGH, and assuming NO Dems will vote for it. And this sounds like a replay of the Health Care debacle. So no budget passes. And similar rumblings on the New Tax Plan and you have NO new legislation passed.

    What does this all mean for stocks? I am believing in the melt-up theory. The market will continue to go up, probably even faster, till everyone realized none of the legislation will get passed, and then market drops 20-25% like a rock.

    Wacha think?
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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