You will recall that back in August, NTEU National President Tony Reardon sent letters to the House and the Senate asking them to hold a hearing to investigate why premiums had skyrocketed in FLTCIP.
Today, the House Subcommittee on Government Operations of the Committee on Oversight and Government Reform is holding a hearing.
In Tony’s statement submitted to the Committee, he asked the Members to make sure that nothing like this happens again, and communicated the specific concerns he has heard from NTEU members.
Tony asked for regular reports from OPM on the status of FLTCIP, and for Congress to direct OPM to revisit the structure of the program and to redesign it so that the premiums remain reasonable.
In addition, Tony asked for an accounting from John Hancock on how their investment strategy and performance was so off-mark.