APWU Speaks Out Against Proposed Future USPS Pension Proposals

Congress Moves to Gut Postal and Federal Pensions — APWU Calls for Immediate Action!

"...The retirement cuts would have devastating implications for APWU members, including:

Eliminating the FERS Social Security supplement, which allows workers who have earned their retirement the ability to retire before their Social Security benefits begin;
Increasing the FERS annuity contribution rates for all active employees to 4.4%;
Replacing the High-3 FERS annuity calculation with a High-5 calculation, resulting in a reduction in annuity payments.

Also included in the passed were egregious attacks on federal employees, such as:

Charging a filing fee for Merit Systems Protection Board Claims and Appeals, and
Forcing new hires in the federal workforce to choose between at-will employment or paying an increased FERS contribution rate of 9.4%. While this specific proposal does not currently apply to postal workers, it is a dangerous change to eliminate job security and protections from government service.

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This Article is From: apwu.org


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2023 COLA Officially Announced at 8.7% for Social Security Benefits

"...While Social Security recipients receive the full adjustment even if they first claimed Social Security during the same calendar year, FERS and CSRS retirees who entered retirement in 2022 will see the upcoming COLA prorated. If you retired in January, your pension will see 11/12ths of the 8.7% or 7.7% increase. Retiring in February would mean 10/12ths of the COLA can be expected, and so on. It is also important to remember that unless you retired under FERS with special provisions or under disability, there is no COLA if you are not yet age 62. If you turned 62 this year, but have been retired the whole year, you can expect the full COLA and not a prorated one. ..."    

This Article is From: stwserve.com
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How Much Do Postal Workers Get Paid When They Retire?

"...As an example of USPS retirement under CSRS, a postal worker with a high-3 average of around $60,000 and 20 years of service earns...FERS also uses the high-3 average, paying 1 to 1.1 percent of the high-3 average salary for each year of service. Under FERS, a postal worker with a high-3 average of around $60,000 and 20 years of service earns..."    

This Article is From: chron.com
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