House GOP Drafts Cuts to Federal Employee Pension System [View all]

Federal employee pension benefits are set to be pared back in Republicans’ giant tax and spending package working its way through the US House, another slap at a workforce roiled by Elon Musk’s cost-cutting efforts.

The proposal, which House Oversight Committee and Government Reform Committee Chairman James Comer announced on Friday night, would force many federal civilian employees to pay higher premiums for retirement benefits and to lower their eventual benefits by changing the formula for calculating payments.

The Oversight Committee expects to vote next week on that plan and other workforce changes. If approved, they would be combined into legislation enshrining President Donald Trump’s legislative agenda, which Republicans aim to enact by August without the help of Democrats.

Comer said in a statement that the committee’s proposal would achieve “reduction in the federal deficit of over $50 billion.”

https://finance.yahoo.com/news/house-gop-drafts-cuts-federal-030007100.html