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Wednesday, August 11 2010, 06:24 PM EDT
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BC-US--Transportation Bill-Pensions,130
February 08, 2012 20:57 GMT
WASHINGTON (AP) -- House Republicans are proposing to make federal employees pay more toward their pensions while reducing benefits in order to pay for highway programs.
The proposal was posted online Wednesday by the House Rules Committee. The pension changes are being used to make up a shortfall between federal gasoline tax revenues and the $260 billion that Republicans want to spend on highway construction and transit programs.
Under the proposal, the pension contributions of federal employees would increase a total of 1.5 percent over three years. New employees' retirement benefits would be calculated based on an average of an employee's past five years of earnings, instead of the current three years. The savings to the government would be about $40 billion over 10 years.
There are about 2 million civilian federal employees.
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