All DOI Employees -- Retirement Contribution Increase Date: Thu, 17 Dec 1998 14:41:49 -0500 To: "USGS Employees" From: " All Employee email, Reston, VA" Subject: All DOI Employees -- Retirement Contribution Increase ******************************************************************** NOTE TO SUPERVISORS: Please ensure that all Interior employees without E-Mail access receive a paper copy of this distribution. ******************************************************************** Although Public Law 105-33, "The Balanced Budget Act of 1997", passed on August 5, 1997, it's been over a year since its initial publicity and we want to remind you of the temporary change in employee retirement contributions that will be taking effect in January. The law contains provisions that will temporarily change the employee withholding rate for both the Civil Service Retirement System (CSRS) and the Federal Employee Retirement System (FERS). The full rate increase of 0.5 percent will take effect in 3 steps. All CSRS, CSRS Offset, and FERS employees will see an increase in their retirement contribution of 0.25% effective January 3, 1999. The next 2 increases will take effect the first pay period beginning on or after January 1, 2000 (0.15%) and January 1, 2001 (0.10%). On January 1, 2003, the withholdings will revert back to the current rates. Questions should be addressed to your Servicing Personnel Office.