Political Quotes

“H.R. 3340, as amended, will enhance the retirement and health benefits of Federal employees and ensure the continued operation of two agencies that serve as guardians of the Federal merit systems. The Economic Growth and Tax Relief Act, which became law last year, made it possible for enrollees 50 years of age or older to contribute an additional $1,000 a year to their private sector 401(k) plans. After 5 years with annual increases of $1,000, private sector employees will be able to contribute an additional $5,000 a year to their 401(k) plans. These changes did not apply to the Federal Government's equivalent plan, the Thrift Savings Plan, or the TSP. This simply is not fair. H.R. 3340 would amend the Federal Employees Retirement System Act to allow Federal employees, like their private sector counterparts, to make additional contributions to their TSP. Federal employees who were previously unable to contribute to their TSP would be able to catch up by making additional contributions to their plan.”