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Senator Kelly Ayotte (R-NH) has proposed legislation that would extend the pay freeze increase current federal employees’ pension contributions as a means of avoiding sequestration cuts, however, the Senate has said it will not be put to a vote.
The federal retirement program has a large “unfunded liability.” Fearing the political repercussions of changing America’s massive entitlement programs, elected leaders are seeking more money anywhere they can find it. Will this impact your future retirement?
The high-3 average pay is a basic component of an employee’s retirement contribution that federal employees often find confusing. The author offers some detailed explanation to take the mystery out of it.