3/3/14: The SEC recently briefed union officials on the status of the 1% retirement match that the agency promised to put in place by June 2013, retroactive to January 2013. The agency informed the union that the Office of Human Resources still hopes to have the new match in place prior to April 15, 2014, so that the match can still be made for 2013 contributions under IRS rules. The SEC is attempting to get SEC employees the additional retirement match in accounts that would be managed by another federal agency that already has a similar program set up for its own employees.
At the union’s request, the SEC has also agreed to provide the 1% retirement match in the form of a cash payment to employees who retire from the agency prior to implementation of the program. If you are planning to retire, please contact the Office of Human Resources about receiving this payment prior to your departure.
As we previously reported, the union has filed a national grievance regarding the failure to provide this benefit in breach of a contract the SEC signed with the union in December 2012. If the agency is unable to get the program in place and fund the retroactive match to January 2013, we will take that grievance to an arbitration hearing this spring and seek adequate damages.
The union is also continuing to press for an increased retirement match that is equal to the 3% match that Chair White promised to SEC management last year. That issue will likely be resolved separately from the FY 2013 pay increase, as part of a new multi-year compensation deal.