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Deal to Raise Employees’ Retirement Contribution

Federal negotiators stuck a deal in mid-February to significantly increase future federal employees' retirement contributions which will help pay for an extension is unemployment benefits. According to the American Federation of Government Employees, newly hired and rehired federal employees would have 3.1% of each paycheck put toward their Federal Employees Retirement System pensions. The current contribution rate is only 0.8%, so that amounts to a 2.3% increase. The increase will affect new hires and rehires beginning...

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