Federal Employees' Retirement System: Benefits and Financing

Description:

This report discusses the retirement systems in place for federal employees. Most civilian federal employees who were hired before 1984 are covered by the Civil Service Retirement System, and contribute 7.0% of their pay to a retirement fund. Federal employees hired in 1984 or later are covered by the Federal Employees' Retirement System and contribute 0.8% of their pay to a retirement fund. Both require participants to contribute toward the cost of their pensions through a payroll tax. This report also summarizes relevant legislation in the 113th Congress that would make significant changes to federal benefits and financing, including H.J.Res. 59, S. 18, S. 1678, and H.R. 3639.

Creator(s): Isaacs, Katelin P.
Location(s): United States
Creation Date: December 20, 2013
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
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Creator (Author):
Isaacs, Katelin P.

Analyst in Income Security

Publisher Info:
Publisher Info: Congressional Research Service, Library of Congress
Place of Publication: Washington D.C.
Date(s):
  • Creation: December 20, 2013
Coverage:
Place
United States
Description:

This report discusses the retirement systems in place for federal employees. Most civilian federal employees who were hired before 1984 are covered by the Civil Service Retirement System, and contribute 7.0% of their pay to a retirement fund. Federal employees hired in 1984 or later are covered by the Federal Employees' Retirement System and contribute 0.8% of their pay to a retirement fund. Both require participants to contribute toward the cost of their pensions through a payroll tax. This report also summarizes relevant legislation in the 113th Congress that would make significant changes to federal benefits and financing, including H.J.Res. 59, S. 18, S. 1678, and H.R. 3639.

Physical Description:

22 pages.

Language(s):
Subject(s):
Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
Identifier:
Resource Type: Report
Format: Text