White House FY 2019 Budget Hits Postal Employees and RetireesPosted by Bob Levi on 02/12/18
Today, President Donald Trump submitted his $4.4 trillion fiscal year 2019 budget to Congress. While the budget projects a 2027 budget deficit of $450 billion, it still slashes over $155 billion from benefits upon which active and retired postal and federal employee rely. In part, the budget proposes to:
- More than triple the retirement contributions of most postal and federal employees
- Change the FEHBP employer contribution rate to encourage beneficiaries to enroll in health plans deemed to be "high-performing" and "high-value"
- Eliminate the FERS COLA
- Reduce CSRS COLA by 0.5 percent
- Abolish the FERS retirement supplement for federal and postal employees who retiree prior to Social Security eligibility
- Replace the current annuity calculation of the highest 3 salary-earning years with the highest 5; and
- Dramatically reduce the yield on the Thrift Savings Plan's G-Fund investments.
The upcoming UPMA Legislative Summit will provide a crucial opportunity for UPMA members to voice opposition to these proposals that adversely impact UPMA members.