EXOP - Office of Management and Budget

Change to retirement programs

Two problems w/ loosing lots of retirees- the "brain drain", loosing valuable corporate knowledge, and the high cost of retirement benefits- many of us would like to stay on part time and be able to contribute longer and get some partial retirement benefit to make this possible; alternatively, we should NOT pay full retirement benefits to folks (rather, we can't really afford to) who worked 25 or 30 years and then will likely live another 25 or 30 years- the math doesn't work. SO, the plan would be to create a partial retirement plan- so departments can keep those talented workers around longer to train and mentor the younger workers but allow a shorter work week. The benefit to Gov would be instead of paying them their retirement and getting nothing, the Gov would get some labor back. The benefit to the workers would be staying involved, passing their knowledge and experience to the next generation, while still being able to reduce their administrative load.

 

Mathematically, it would work like this- 25 or 30 years- retire w/ 1/2 your retirement benefit and work 1/2 time and get partial salary- Gov saves 1/2 the retirement benefit and valuable work from employee. 25 or 30 years and retire, get full retirement benefit, Gov looses exp. and coorporate knowledge.

 

Along w/ this, push full retirement (w/out working part time) back to age 70 to align with the reality of folks living longer and being healthier. This would also save some on the budget. As a Fed, I don't believe the present system is sustainable and the cost of loosing the brain power is crippling some offices, esp. small field offices.

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Idea No. 2755