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How Much Will New Feds Pay for Retirement?
FedSmith: We all know new feds (i.e., hired on/after January 1 of this year) must pay more for their retirement annuities. Specifically, 2.3% more. Well, 2.3% is not much, is it? To get a better handle on the magnitude of this change, let’s compare the actual dollars paid out by two employees. One was hired in December of 2012, just before the change became effective, while the other started in January of 2013, right after the new rate became the norm, as it were.
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