4/19/12: The House Oversight and Government Reform Committee held a business meeting yesterday at which they reported out HR 4363, which sets up a phased retirement program for federal employees. This idea was first suggested in President Obama’s FY 2013 budget and was included in the Senate Transportation bill, S. 1813.
The phased retirement program allows federal employees in CSRS or FERS to enter a gradual, phased retirement status at the end of their careers, with certain stipulations. The employees receive income from their part-time salary and a prorated, defined benefit pension. Those retirees in mandatory retirement programs are not eligible to participate. NTEU was successful in clarifying that those Customs and Border Protection Officers who are not subject to mandatory retirement will be eligible for this program.
This is just a first step for the legislation. It still needs to pass the House of Representatives and then be reconciled with the Senate version and signed by the President. We will keep you informed on the progress of this proposal.