US. Trump’s proposed retirement changes would have major impacts on current feds and retirees
It’s happened before; lawmakers and think tanks have offered their own proposals to change the federal retirement system. Despite a few initial worries, current federal employees and retirees have remained relatively unscathed.
Yet that could change next year. Federal financial experts are sounding the alarm bells on the major changes to the federal retirement system included in President Donald Trump’s fiscal 2018 budget — proposals that they say would leave a significant impact on both current retirees and employees and future workers.
The full budget proposal, which the president released Tuesday, outlines $3.6 trillion in cost reductions over the next 10 years, including changes to the federal retirement system that would save the government more than $4.1 billion in 2018 and at least $149 billion over the next 10 years.
Office of Management and Budget Director Mick Mulvaney said Monday it was one of the largest areas of cost savings outlined in the president’s budget proposal. Assumed savings from the repeal and replacement of the Affordable Care Act, plus savings realized from changes to the Supplemental Nutrition Assistance Program (SNAP) and student loan programs were among the top areas of cost reductions.
Full Content: Federal News Radio
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