DELAY EXPECTED ON BILL TO UP RETIREMENT AGE

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP86B00338R000400620037-2
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 1
• Document Creation Date: December 21, 2016
• Document Release Date: September 12, 2008
• Sequence Number: 37
• Publication Date: March 22, 1983
• Content Type: OPEN SOURCE

Approved For Release 2008/09/16: CIA-RDP86B00338R000400620037-2
March 22, 1983, THE WASII~
MIKE C~IUSEY
Mf RDERALDIARY .
Delay Expected on, Bill to Up Retirement Age
Administration officials think it they expect it will be via the budget
will be midsummer at the earliest reconciliation process. Under it, the
before Congress acts on the White House could approve a budget incor-
House plan that would make feds porating the president's "reforms" and
who want full retirement benefits make
any event, part White budget.
e offi-
Proposed an extra 10 years to get them. Y even
Proposed legislation that would cials do not expect the retirement
make 65 the standard federal retire- plan would be approved until some-
. ment age is being reviewed at the. time in August House Democrats
.Office of Management and. Budget, say the bill wllnotbe approved at
and could be sent to Congress within, all this year.
the next couple of weeks.
Currently, employes with 30
years' service can retire at age 55 on
an annuity equal to slightly more
than 56 percent of salary. The ad-
.ministration proposal, when fully ef-
fective, would cut annuities 5 per-
cent a year for each year the em-
.ploye was younger than 65 when re-
tiring. If that plan were in effect, the
30-year employe retiring at age 55
would get an annuity worth 28 per-
cent of salary.
Government employes who now
pay 7 percent of their gross salary
into the civil service retirement fund
would have to put in 9 percent next
year, and 11 percent beginning in
1985 under the president's plan.
Federal agencies would also raise
their contributions to 11 percent.
The timing of the legislation is
important to many federal workers
-nearing their 55th birthday. The leg-
Islation would allow anyone 55 or
older at the time of enactment to re-
main under the current system. In
other words, they could still retire in
the future at age 55 with 30 years, or
at age 60 with 20 years, or at age 62
with 5 years' service without being
subject to the pre-65 retirement an-
nuity penalty.
The House Post Office-Civil Service
Committee, which would normally
handle the president's stretched-out
retirement plan, has made it clear it
will not approve the measure.
ette rec ptlomiin. the enat~e ~ICt t} e'ir
lil gets anywhere aatfJ,11 rin:the House,
W ~ r y 1
Approved For Release 2008/09/16: CIA-RDP86B00338R000400620037-2