How to retire before retirement, and how to get paid
Washington Times article The federal government is set to release the latest numbers on the federal government’s fiscal year that ends Sept. 30, but they are already being used by some of the nation’s most powerful members of Congress and some of their top donors.
The federal retirement system is supposed to provide for retirement benefits for current and former federal employees, but many lawmakers and donors are already looking to the federal pension system for their money.
If you have not already, be sure to read our article on what to do if you are in need of an early retirement.
If you are interested in knowing more about the federal retirement pension, read our recent article about the National Government Employees Retirement System.
Sources The Washington Post: “Fiscal year 2018 will see federal employees pay out a total of $1.6 trillion, a $600 billion increase from FY 2018.
The increase will be largely driven by higher benefits for federal workers.”
NPR: “A total of 1.6 million federal employees will see their retirement benefits increase from their current levels.
That’s an increase of $400 billion, or about a 10 percent increase.
The Huffington Post: “Federal workers will see an average of $5,300 in extra federal retirement benefits, or a 20 percent increase from the $4,900 average they received this year. “
The retirement system also has the potential to benefit the federal workforce by providing more income for the workforce and lower costs to taxpayers,” the nonpartisan group wrote in a blog post.
The Huffington Post: “Federal workers will see an average of $5,300 in extra federal retirement benefits, or a 20 percent increase from the $4,900 average they received this year.
That number is likely to grow further as a result of the tax changes, which will raise their taxable income to about $100,000 from about $65,000.
There are still millions of federal workers in the federal system who won’t see any change.
The Department of Labor will not raise its retirement benefit to federal workers starting in 2018, even though it has said it plans to do so as soon as 2018.
Employees who have already retired or retired with an employer who has been hit hard by the Great Recession will not receive an increase, either.
More: The Department of Veterans Affairs is going to start offering an annual $10,000 contribution to its employees’ retirement accounts.
The change will affect up to 1 million federal veterans, who currently receive about $5.6 billion a year in retirement benefits from the VA.
Veterans will also be able to choose between a lump sum of up to $10 million or a regular retirement contribution of $10 a month.
The difference is that the VA will pay out the lump sum in perpetuity, rather than as an annual payment.
According to the White House, the change will reduce administrative costs by about a third.
Associated Press: “The average annual pension for federal employees under the government’s current retirement system will rise to $65.60 from $64.50 this year,” The Associated Press reports.
That is a 10.5 percent increase in benefits for government employees.
However, the increase will not be fully funded until 2020, meaning the average government worker will pay more money than they currently do, even after taking into account inflation.
Congresswoman Judy Chu: “Congresswoman Chu has introduced a bill to allow the Social Security Administration to provide full Social Security benefits to government employees who retire before their 65th birthday.”
House Democratic Leader Nancy Pelosi: “Chu and her Republican colleagues have introduced legislation that would extend the full retirement benefits of federal employees and also allow federal employees to opt out of the 401(k) option.
They say this is a critical first step in the right direction for our nation’s workers.
President Trump is expected to sign the bill, which would allow government workers to opt-out of their 401(s) plan if they choose to do this.
Sources The Hill: In a statement released on Monday, House Minority Leader Nancy Wasserman Schultz said the House is taking a critical step toward ending government shutdowns by extending full federal retirement payments to the nation, but she also said the GOP-controlled House is making “unprecedented and dangerous demands” on federal workers’ benefits.
Wasserman Schultz, D-Fla., said in a statement that the House will act on the bipartisan bipartisan bipartisan bill by the bipartisan Congressional Budget Office that will allow federal workers to receive full Social Service benefits, but it will also extend benefits to the disabled and the elderly.
In an interview with The Associated Statesman newspaper, Wasserman Schultz also called on President Trump to stop using the threat of a government shutdown to force his party to support his budget.
“I think he should be saying that this is not the time for us to be in a political fight,” Wasserman Schultz, who is also a member of the Democratic leadership, said.
Rep. John Lewis: