Tags: Federal Pension Plan | Retirement

Gov't Pension Plan Could Spur Retirement of 25%

Sunday, 22 May 2011 10:09 AM

As much as 25 percent of the government workforce could retire if plans to raise federal employee pension contributions succeed. About 550,000 of the 2.4 million federal government and Postal Service workers are eligible to retire, according to figures The Washington Post obtained.

Federal workers, union officials, and congressional supporters warned that White House and congressional plans to increase workers’ contributions to pension plans substantially could lead to an exodus of senior workers.

Those eligible to retire range in age from 56 to 62 and have between five and 30 years’ experience, the Post reported.

Federal workers are working under a two-year pay freeze imposed in January and a slowdown in hiring. Rep. Gerry Connolly, D-Va., whose congressional district is home to 120,000 federal workers and retirees, told the Post that “people are going to look at that and wonder, is this really a career I want to choose? We’re making it a far less attractive choice for people entering the workforce.”

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