Download or read book A Retirement Plan for Federal Workers Covered by Social Security written by Library of Congress. Congressional Research Service. Civil Service Retirement Team and published by . This book was released on 1986 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FERS Federal Employees Retirement System written by and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Designing a Retirement System for Federal Workers Covered by Social Security written by and published by . This book was released on 1985 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Benefits Under the Federal Employees Retirement System written by and published by . This book was released on 1987 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Report of the Universal Social Security Coverage Study Group written by Universal Social Security Coverage Study Group (U.S.) and published by . This book was released on 1980 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FERS Transfer Handbook written by and published by . This book was released on 1987 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Forums on Federal Pensions Economic security programs written by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Civil Service, Post Office, and General Services and published by . This book was released on 1984 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Desirability and Feasibility of Social Security Coverage for Employees of Federal State and Local Governments and Private Nonprofit Organizations written by Universal Social Security Coverage Study Group (U.S.) and published by . This book was released on 1980 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Retirement Security written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuant to a congressional request, GAO provided information on social security coverage for Federal civilian employees, including demographic data on employees now covered by the civil service retirement system (CSRS) and an analysis of the approaches used by several States to integrate social security into their staff retirement plans for general employees. GAO also reviewed the Tennessee Valley Authority's (TVA) retirement system, because it is the largest Federal retirement system that is integrated with social security. GAO found that, during the past 10 years, Federal employees generally retired at age 61, while the average age of all Federal annuitants averaged almost 70 years of age. Only 40 percent of all new Government employees are expected to receive benefits from the CSRS, and only 23 percent will eventually qualify for optional retirement. When a retirement plan is integrated with social security, it attempts to compensate for the fact that social security benefits as a percent of salary decrease as income levels increase. However, most of the eight State plans reviewed by GAO were not integrated with social security, primarily because the State plans predated social security enactment or the State's decision to elect social security coverage. Of the three States in the study that do have integrated plans, one uses a step rate approach, one an offset approach, and the third uses a form of the step rate approach. The step rate and offset approaches facilitate integration of benefits with social security across income levels, but several officials advised against the use of the offset approach because of administrative problems. Three State plans and TVA have a level income benefit option for individuals taking retirement before they are eligible for social security. This option attempts to equalize total retirement benefits before and after social security begins.
Download or read book State and Local Pensions written by Alicia H. Munnell and published by Rowman & Littlefield. This book was released on 2012-08-27 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions. By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well. Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.
Download or read book FERS Federal Employees Retirement System written by and published by US Office of Personnel Management (OPM). This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Employees Retirement System Handbook for Members of Congress written by and published by . This book was released on 1987 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Double Dipping written by Gary Burtless and published by . This book was released on 1981 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider the retirement behavior of civilian employees of the United States government. Unlike previous studies, this investigation is based upon a data set containing fairly complete and accurate information about the Social Security and employer-provided pensions for which employees are (or ultimately will be) eligible. These data permit us to specify the financial aspects of individual retirement decisions with a reasonable degree of precision. A large fraction of civil service pensioners is eligible to receive Social Security benefits because a part of their working careers was spent in Social-Security-covered employment. The prevalence of double pension coverage among government employees has raised serious equity questions about the treatment of civil servants by Social Security, and these questions have led to various suggestions for pension reform. Partly, the reform proposals have been put forward due to the perceived unfairness of "double dipping" which arises from the double pension coverage of government employees. Our analysis finds: (1) Both the amount of a Federal pension entitlement and the expected wait until the pension commences affect the timing of retirement from the Federal service. (2) The rate of anticipated wage growth significantly affects individual decisions to remain in Federal employment. (3) Workers who are eligible to ultimately receive Social Security in some cases show a different pattern of retirement than do workers not vested in Social Security. However, our analysis does not reveal any massive shift of Federal workers into Social-Security-covered employment in order to benefit from the "tilt" in the Social Security formula.
Download or read book Federal Employees Retirement System FERS written by and published by . This book was released on 1986 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Employees Retirement System written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most civilian federal employees who began their careers before 1984 are covered by the Civil Service Retirement System (CSRS). Federal employees first hired in 1984 or later are covered by the Federal Employeesâ€TM Retirement System (FERS). Both CSRS and FERS require participants to contribute toward the cost of the plans through a payroll tax. Employees who are covered by CSRS contribute 7.0% of pay to the Civil Service Retirement and Disability Fund (CSRDF). They do not pay Social Security taxes and are not eligible for Social Security benefits. Employees who are covered under FERS contribute 0.8% of pay to the civil service trust fund and 6.2% of pay to Social Security on salary up to the maximum taxable wage base ($87,000 in 2003). The normal retirement age under both CSRS and FERS is 55 for workers who have at least 30 years of service; however, the FERS normal retirement age will increase beginning with workers born in 1948 and eventually will reach age 57 for employees born in 1970 or later. FERS and CSRS both allow retirement with an unreduced pension at age 60 for employees with 20 or more years of service, and at age 62 for workers with at least 5 years of service. The Thrift Savings Plan (TSP) is a defined contribution retirement plan similar to the “401(k)â€ŗ plans provided by many employers in the private sector. In 2003, employees covered by FERS can make voluntary contributions equal to the lesser of 13% of pay or $12,000. Employee contributions of up to 5% of pay are matched by the federal government. Federal workers covered by CSRS also can participate in the TSP, but their total contribution in 2003 is limited to 8% of pay, and they receive no matching contributions from their employing agency. The Office of Personnel Management (OPM) estimates the cost of CSRS to be 24.4% of payroll. The federal government pays 17.4% of payroll and the other 7.0% is paid by employees. OPM estimates the cost of the FERS basic annuity at 11.5% of payroll. The federal government contributes 10.7% of payroll with the other 0.8% paid by employees. There are three other employer costs for employees covered by FERS. Social Security taxes are 6.2% of payroll on both the employee and the employer; agencies automatically contribute an amount equal to 1% of employee pay to the TSP; and agencies also make matching contributions to the TSP. At the start of FY2001, taking into account benefits yet to be earned in addition to benefits that have already been accrued, the Civil Service Retirement and Disability Fund had an unfunded liability of $509 billion, all of which is attributable to CSRS and none to FERS. Although the civil service trust fund has an unfunded liability, it is not in danger of becoming insolvent. At no point over the next 75 years will the fund be exhausted. All of the monies of the Civil Service Retirement and Disability Trust Fund are invested in special-issue U.S. Treasury bonds. Congress could permit the trust fund to invest in other assets â€" such as corporate stocks and bonds â€" but the effects of such a change on the federal budget and on government ownership of private-sector assets would deserve careful consideration.
Download or read book Supplemental Civil Service Retirement Plan written by United States. Congress. House. Committee on Post Office and Civil Service and published by . This book was released on 1985 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Retirement Guide written by John D. Whitney and published by GovAmerica.org. This book was released on 2017 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our latest guide, the 2017 Federal Retirement Guide, helps give you a firm foundation for planning a successful retirement. This unique guide covers retirement benefits, Federal Retirement Systems (FERS and CSRS), Thrift savings Plan, Social Security, Survivor Benefits, Death Benefits, Medicare, WEP, and more.
