Deficit Plan Asks Feds to Pay More Toward Retirement, Cut FERS Annuity

The president’s recently proposed plan to cut the deficit would increase contribution amounts made by employees toward their retirement and eliminate Federal Employees Retirement System (FERS) annuity supplement for new employees. The plan also would create a commission to help modernize the federal personnel system. Labor unions squawked at the plan saying federal employees have sacrificed enough. Read more (Federal Daily).