Federal Compensation:

Effects of Proposed Retirement Changes on a Typical Federal Retiree

GGD-86-51FS: Published: Feb 27, 1986. Publicly Released: Feb 27, 1986.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO reviewed the effects of the fiscal year 1987 budget proposal which recommends changes to the civil service retirement benefits for a typical employee retiring at age 61 after 30 years of service.

GAO found that: (1) the overall effect of the proposed benefit reductions would result in a loss of $112,000 over the lifetime of the typical retiree; (2) the proposal to increase retirement contributions from 7 to 9 percent would require employees to contribute an additional $12,000 over the remainder of their careers; (3) the proposal to go from a 3-year to a 5-year salary average for benefit computation would result in a lower salary base and annuity; (4) the proposal to penalize early retirees will require a 2-percent benefit reduction for each year a person retires under the age of 62; and (5) assuming a 5-percent inflation rate, an employee's first year cost-of-living adjustment would be reduced by $300.

Jun 4, 2018

May 22, 2018

May 21, 2018

May 17, 2018

Mar 7, 2018

Mar 5, 2018

Feb 21, 2018

Jan 8, 2018

Oct 18, 2017

Looking for more? Browse all our products here