H.Con.Res 71 Would Require Employees
to Contribute More for Civil Service Pensions
Federal Employee Retirement: Message from Sen Richard Durbin IL
a cosponsor of Senate Resolution 51, recognizing federal employees
From: Senator Richard J. Durbin <email@example.com>
Sent: Wednesday, January 10, 2018 9:49 AM
Subject: Message from Senator Richard J. Durbin
January 10, 2018
Mr. Charles Paidock
Dear Mr. Paidock:
Thank you for contacting me about proposed budget cuts on retirement benefits for federal employees. I appreciate hearing from you.
President Trump's Fiscal Year (FY) 2018 Budget Request seeks to eliminate cost of living adjustments (COLAs) for current and future Federal Employee Retirement System employees. The Budget Request also would decrease COLAs for Civil Service Retirement System employees by 0.5 percent.
COLAs are automatic, annual adjustments to Social Security benefits. These adjustments are based on the Consumer Price Index (CPI), which measures price increases for market-based goods and services. COLAs help recipients keep up with the increase in costs for goods and services from year to year.
House Concurrent Resolution 71 (H.Con.Res.71) would establish the budget for the federal government for FY 2018 and create budgetary levels for FY 2019-FY 2027. H.Con.Res 71 would require federal employees to contribute a greater share of their civil service pensions and reduce the rate of return for the Thrift Savings Plan (TSP) G Fund.
TSP is a defined contribution retirement savings plan for federal employees. The TSP G Fund is invested in U.S. Treasury securities.
While in Congress, I have fought to ensure that federal employees receive fair compensation and treatment. I am a cosponsor of Senate Resolution 51, which would recognize federal employees and their contributions to this country. This legislation includes a pledge to fight any effort to reduce federal work force pay and benefits as well as combat any efforts to reduce collective bargaining rights. This resolution has been referred to the Committee on Homeland Security and Governmental Affairs.
Federal employees are a valuable part of the American workforce, providing services to individuals across the country on a daily basis. They have made many sacrifices in recent years as a result of budget constraints. Like all workers, federal employees deserve the protection of the assets they set aside for retirement.
President Trump's FY 2018 Budget Request is subject to Congressional approval. H.Con. Res. 71 has passed the House of Representatives and the Senate. This legislation is currently in a conference committee as the Senate and House work to resolve differences. I will keep your concerns in mind as the Senate considers the Budget for FY 2018.
Thank you again for contacting me. Please feel free to keep in touch.
Richard J. Durbin
United States Senator
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