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Money and Finances
Reply to "Feds: are you counting on FERS for retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It could happen but the first target would be the FERS contribution for new hires. I think it is fair to move them to 50/50 FERS contribution. [/quote] Does this mean the employee will contribute 16.5%? Or more like 10%? Either way will mean we have to increase salaries or people won’t take federal positions. [/quote] More like 6.25% each. Yes, salaries need to be adjusted. People are overpaid at lower level positions and underpaid at higher and professional positions. [/quote] The total per worker contribution to FERS is about 20%, so making it 6.25% each would be to run it with less than two thirds of current revenue — which would worsen the cost of providing pensions. I thought we were predicting how to make it more solvent. [/quote] All the FERS investments are in T-bonds so let's pray they stay solvent. [/quote]
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