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The cost-of-living adjustment, or COLA, for 2023 will increase 8.7% for CSRS retirees and Social Security recipients, while FERS retirees will receive a 7.7% COLA.
Before health premium rates increase by an average of 8.7% in 2023, some health care experts tell FEHB enrollees to double-check their plans during open season, which runs Nov. 14 through Dec. 12.
The Social Security Fairness Act now has more than 290 co-sponsors, more than enough to force a House floor vote.
With no mention of federal pay raise in the fiscal 2023 financial services and general government bill, House appropriators push forward the White House’s 4.6% proposal.
When Congress created the Federal Employee Retirement System in the ‘80s, one of the most notable changes was that future retirees would get smaller cost of living adjustments than participants in the old Civil Service Retirement System. CSRS and Social Security beneficiaries get COLAs that match inflation; FERS retirees get a smaller adjustment. That hasn’t been a big deal over the past decade of low inflation, but obviously circumstances have changed.
The House Committee on Oversight and Reform passed legislation that would create an internship center at the Office of Personnel Management.
House lawmakers passed the Securing a Strong Retirement Act, which will raise the age for starting required minimum distributions from TSP accounts.
Continuing with an annual tradition, lawmakers have once again introduced a bill that would give federal employees a pay raise in 2023.
Recent legislation would get rid of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), but the repeal would be temporary. Federal employee groups say it's better than nothing.
The bill, known as the Building the Next Generation of Federal Employees Act, attempts to improve the federal internship experience, ensure students get paid for their work and provide credit for successful interns to apply for permanent positions in the competitive service.
With 30-plus plans to choose from, many working feds and retirees go into shutdown mode and do nothing during the annual health insurance open season. This year it ends on Dec. 13. But that won’t help if you don’t shop around. Inertia is easy.
Employees and retirees enrolled in the Federal Employees Health Benefits Program (FEHBP) will pay, on average, 3.8% more toward their premiums in 2022. The Office of Personnel Management announced FEHBP premium rates ahead of the upcoming open season, which runs Nov. 8 through Dec. 13.
President Biden has formally recommended a 2.7% federal pay raise for most civilian employees in 2022, which includes 0.5% locality pay adjustment.
Once again, there are dueling agendas to eliminate or offset the Windfall Elimination Provision, a pesky nuance that reduces Social Security benefits for some federal retirees.