Federal employees and members of Congress will be required to contribute more of their pay to their own employees' retirement system, following the adoption of a new bill Thursday.
As detailed in the Washington Post, the Committee on Oversight and Government Reform passed new rules calling for employees and elected officials to up their contributions by 5 percent over a five-year period, beginning with a 1.5 percent increase next year.
The majority of federal employees contribute to the Federal Employees Retirement system, funded by a mixture of Social Security taxes and 0.8 percent of their salary. Other employees who are part of the Civil Service Retirement System have been contributing 7 percent of their salaries to their own plan.
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