About 30,000 Federal Employees to get better Retirement Benefits

The federal employees who fall under the designation of police series GS-0083 may soon have the ability to retire early and get better retirement benefits. A new bill has been proposed by the Democrats on the same.  This move has been appreciated by many federal unions.

The Bill Impacting Federal Employees’ Retirement Benefits

The bill entitled The Law Enforcement Officers

• Also Read: 3 Reasons Certain Federal Employees Can Retire Years Earlier Than Their Peers Without Penalties
• Also Read: CSRS Retirement in 2024: Are You Making the Most of What This Classic Plan Has to Offer?
• Also Read: Roth IRA Basics for Beginners: What’s There to Learn?

Equity Act was introduced by Senators Barbara Mikulski, D-Md and Cory Booker, D-N.J. It states that all federal employees who have the authority to carry a firearm and who investigate criminals or apprehend them should be given better retirement benefits. It includes all the employees designated in the police series GS-0083 such as Internal Revenue Service officers who are in charge of collecting delinquent taxes, Veterans Affairs Department police officers and U.S. Postal Service Inspection Service employees.

The Retirement Age

If the bill is passed, some of the employees working at the FBI, Defense Department and many such agencies would get the right to retire at age 50 if they have completed 20 years of service. They would also be able to retire at any age after they have completed 25 years on the job. Law enforcement officers get a more generous annuity when they retire and they contribute more from paychecks towards their retirement. Booker said that he wanted to fix that loophole so that all law enforcement officers get the benefits they deserve.

No More Punishments

Mikulski stated that the bill would right the wrong that has been happening with people who defend the nation against terrorists and stop the smuggling of illegal drugs.

The Credit

If the bill is passed, the employees would be able to get credit for the time they have served. They would just need to send a notice to the OPM within 5 years time from the date the bill is enacted or before they have to retire.

The Praise

Many of the federal employees’ union groups praised the bill suggested by the democrats’ senators. The groups stated that the officers deal with the same problems faced by the federal law enforcement so they really deserve the same perks. The President of National Treasury Employees Union, Tony Reardon wrote a letter to Booker and stated that IRS officers deal with critical situations such as assaults, threats, and even gunfire so they must be given the retirement benefits they deserve.