Federal Employees' Retirement System: Benefits and Financing

Description:

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. The taxable wage base is $110,100 in 2012. This report discusses both retirement funds.

Creator(s): Isaacs, Katelin P.
Location(s): United States
Creation Date: February 14, 2012
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:
Place of Publication: Washington D.C.
Date(s):
  • Creation: February 14, 2012
Coverage:
Place
United States
Description:

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. The taxable wage base is $110,100 in 2012. This report discusses both retirement funds.

Physical Description:

20 pages.

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