FERS pension contribution increase

[Anonymous]

Senate passed a bill increasing the FERS contribution to 4.4% for employees hired before 2013. Is this even legal and would clear house as well? Scary to think that they could change contribution like this for something that was already agreed upon.

[Anonymous]

It sucks but yes, it's legal. They are not retroactively charging you for previous years but only going forward.

[Anonymous]

How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

[Anonymous]

That’s not the point. An agreement is an agreement. This way we can say the folks 30 years ago were getting CSRS and we are not.

Can this go through house or might fall out?

[Anonymous]

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

I think that was the deal when they joined. It wasn't the deal when I joined.

But yes, important to understand this would only affect contributions going forward.

[Anonymous]

This has not been officially passed yet.

[Anonymous]

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

You sign the contract you sign. You think i'm mad at CERS employees because they got a better deal?

[Anonymous]

Anonymous wrote:This has not been officially passed yet.

Well my paycheck disagrees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

You sign the contract you sign. You think i'm mad at CERS employees because they got a better deal?

CSRS*

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

You sign the contract you sign. You think i'm mad at CERS employees because they got a better deal?

Which contract did you sign? I don’t recall signing any contract regarding FERS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

I think that was the deal when they joined. It wasn't the deal when I joined.

But yes, important to understand this would only affect contributions going forward.

There was no guarantee that would be the deal forever. You wouldn’t be forced to stay based on these new terms.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This has not been officially passed yet.

Well my paycheck disagrees.

What? You’re seeing 4.4 percent taken out of last paycheck?

[Anonymous]

Relax, even if you are in the .8% contribution category, you will only lose 3.6% of your income with the new rate.

[Anonymous]

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

...who cares?

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you think your colleagues already paying 4.4 feel about you getting the same pension for so much less contribution.

...who cares?

Then why should they care that you may be moving up to the 4.4 rate?