Congressional Research Service Reports - 62 Matching Results

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Federal Employees' Retirement Benefits: Bills in the 108th Congress
This report describes the bills introduced in the 108th Congress that would affect participants in either CSRS or FERS. It begins by summarizing laws enacted during the 107th Congress that affected CSRS or FERS.
Federal Employees: Pay and Pension Increases Since 1969
Pay increases for current federal employees and cost-of-living adjustments (COLAs) for retired federal employees often differ because they are based on changes in different economic variables. Increases in pay for civilian federal workers are indexed to wage and salary increases in the private-sector, as measured by the Employment Cost Index (ECI), while federal retirement and disability benefits are indexed to price increases as measured by the Consumer Price Index (CPI). This report discusses the procedures for determining such increases.
Federal Employees: Pay and Pension Increases Since 1969
Pay increases for current federal employees and cost-of-living adjustments (COLAs) for retired federal employees often differ because they are based on changes in different economic variables. Increases in pay for civilian federal workers are indexed to wage and salary increases in the private-sector, as measured by the Employment Cost Index (ECI), while federal retirement and disability benefits are indexed to price increases as measured by the Consumer Price Index (CPI). This report discusses the procedures for determining such increases.
Military Benefits for Former Spouses: Legislation and Policy Issues
This report discusses the Uniformed Services Former Spouses’ Protection Act (USFSPA), which treats military personnel former spouses eligibility to receive certain military benefits or privileges.
Military Death Benefits: Status and Proposals
This report describes the various death benefits from the Department of Defense, Department of Veterans Affairs (VA), and Social Security available to certain survivors of members of the Armed Forces who die on active duty.
Funding Postal Service Obligations to the Civil Service Retirement System
This report provides background on the U.S. Postal Service's (USPS) funding of its retirement obligations, describes and analyzes the Office of Personnel Management (OPM) recalculation, and discusses considerations Congress may bring to bear on the draft legislation.
Regulating Private Pensions: A Brief Summary of ERISA
This report briefly discusses the Employee Retirement Income Security Act of 1974 (ERISA), and how it protects the interests of participants and beneficiaries in private-sector employee benefit plans. ERISA covers a number of fringe benefits provided by employers, but most of its provisions deal with pension plans. Pension plans sponsored by the federal, state, and local governments, or by churches generally are exempt from ERISA.
Converting Retirement Savings into Income: Annuities and Periodic Withdrawals
To a worker contemplating retirement, there is perhaps no more important question than "How long will my money last?" Congress has a strong interest in the income security of older Americans because much of their income is either provided directly from public programs like Social Security, or in the case of pensions and retirement accounts, is subsidized through tax deductions and deferrals. This report discusses risks involved with retirement fund disbursement and strategies for dealing with such risks.
Pension Benefit Guaranty Corporation (PBGC) Investment Policy: Issues for Congress
The Pension Benefit Guaranty Corporation is a federal corporation established under Title IV of the Employee Retirement Income Security Act of 1974. It insures private pension beneficiaries against the complete loss of accrued benefits if their defined benefit pension plan is terminated without adequate funding. It receives no appropriations from general revenue. Its operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income from the assets in its trust fund, and recoveries from the companies formerly responsible for the trusted plans.
Veterans' Benefits: Issues in the 110th Congress
This report discusses veterans' benefits issues that are already part of the legislative agenda for the 110th Congress or are likely to be of interest to Congress. These benefits and issues fall under the jurisdiction of the Department of Veterans Affairs (VA), Veterans Benefits Administration (VBA). Also presented in this report are an overview of the benefits and their eligibility requirements, data on both the veteran population and the benefit population, and summary information on the FY2008 budget for veterans' benefits.
Veterans' Benefits: Issues in the 110th Congress
This report provides a general discussion of veterans' benefits issues that are part of the legislative agenda of the 110th Congress or are likely to be of legislative interest. Among those issues are disability compensation and pensions; education benefits; homelessness; life insurance; the status or eligibility of groups such as U.S. merchant seamen and World War II Filipino veterans for veterans' benefits; Reserve and National Guard eligibility for veterans' benefits; the U.S. Court of Appeals for Veterans Claims; and legal representation for veterans. For each issue, an overview is provided, along with summaries of pertinent pending legislation. In addition, an overview of the benefits and their eligibility requirements, demographics for both the veteran population and the benefit population, and summary data on the FY2008 budget for veterans' benefits are provided.
Former Presidents: Pensions, Office Allowances, and Other Federal Benefits
This report describes the benefits Presidents receive upon leaving office, details the history of the Former Presidents Act (FPA), and analyzes some legislative options for the 110th Congress related to former Presidents.
Veterans' Benefits: Pension Benefit Programs
This report describes several pension benefit programs for veterans and their families, including the eligibility criteria and current benefit levels.
Income of Americans Aged 65 and Older, 1968 to 2008
This report presents data collected by the Census Bureau in the Current Population Survey from 1969 through 2009 about the employment status and the sources and amounts of income received by people aged 65 and older.
Pension Sponsorship and Participation: Summary of Recent Trends
This report discusses trends that will affect the economic well-being of future retirees.
Retirement Savings and Household Wealth in 2007
This report discusses various issues that impact the retirement income of Americans. About half of all workers in the United States participate in an employer-sponsored retirement plan of some kind, a proportion that has remained relatively stable over the past thirty years. Because the majority of assets held in retirement accounts are invested in stocks, trends in stock prices have a significant impact on households' retirement account balances.
Veterans Affairs: Benefits for Service-Connected Disabilities
This report describes disability compensation, which is a benefit Congress provides to American veterans and their dependents through the United States Department of Veterans Affairs (VA). Disability compensation is a monthly cash benefit program for veterans currently impaired from past service-connected activities.
Overview of Filipino Veterans' Benefits
This report defines the four specific groups (Regular Philippine Scouts, Commonwealth Army of the Philippines, Recognized Guerilla Forces, and New Philippine Scouts) of Filipino nationals who served under the command of the United States. It also outlines the Rescission Acts of 1946, benefit changes since 1946, current benefits for Filipino veterans by group, and recent legislative proposals and legislation, including the American Recovery and Reinvestment Act of 2009 (ARRA, P.L. 111-5).
Credit for Military Service Under Civilian Federal Employee Retirement Systems
This report discusses the earned pension benefits under one of two retirement plans for the federal employees with permanent appointments.
Social Security: The Cost-of-Living Adjustment in January 2005
This report discusses how the cost-of-living adjustment (COLA) for Social Security benefits are determined. The 2.7% COLA payable in January 2005 was triggered by the rise in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) from the third quarter of 2003 to the third quarter of 2004. This COLA triggers identical percentage increases in Supplemental Security Income (SSI), veterans' pensions, and railroad retirement benefits, and causes other changes in the Social Security program.
Retirement Benefits for Members of Congress
This report discusses the Civil Service Retirement Act of 1920 (P.L. 66-215) that established a pension system for federal employees in the executive branch of government.
The Worker, Retiree, and Employer Recovery Act of 2008: An Overview
This report highlights the provisions of the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) (P.L. 110-455) relating to the economic crisis. This report also discusses certain technical corrections to the Pension Protection Act made by WRERA, and certain other notable provisions of the Act affecting retirement plans and benefits.
Retirement Saving Plans: Answers to Frequently Asked Questions
This report provides answers to 10 of the most frequently-asked questions related to rules and provisions that govern savings in individual retirement accounts (IRAs).
Overview of Filipino Veterans' Benefits
This report defines the four specific groups of Filipino nationals who served under the command of the United States. It also outlines the Rescission Acts of 1946, benefit changes since 1946, current benefits for Filipino veterans by group, and recent legislative proposals and legislation.
Individual Retirement Accounts: A Fact Sheet
This report discusses general information about individual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (P.L. 93-406) to promote retirement saving; the accounts were limited at first to workers (and spouses) who lacked employer pension coverage.
Pension Issues: Lump-Sum Distributions and Retirement Income Security
This report covers several issues regarding pensions. Forty-seven percent of all workers aged 21 and older participated in employer-sponsored retirement plans in 2006, but not all of these workers will receive a pension or other income from these plans when they retire.
Social Security Notch Issue: A Summary
This report discusses recent attempts at legislative action regarding changes to the computation of benefits under Social Security Amendments of 1977 (P.L. 95-216), which directly affected retirees born in the 5- to 15-year period after 1916. These persons fall in the "notch" between previous Social Security legislation and those affected by the amendments.
Retirement Plan Participation and Contributions: Trends from 1998 to 2006
This report discusses worker participation in employer-sponsored retirement plans. The analysis CRS conducted for this report focused on workers aged 21 and older with a paid job in the private sector.
Social Security: The Windfall Elimination Provision (WEP)
This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage these workers would otherwise receive because of Social Security’s benefit formula that favors workers with smaller amounts of Social Security-covered career earnings. Opponents contend that the provision is basically imprecise and often unfair.
Summary of the Employee Retirement Income Security Act (ERISA)
The Employee Retirement Income Security Act of 1974 (ERISA) provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. ERISA contains various provisions intended to protect the rights of plan participants and beneficiaries in employee benefit plans. These protections include requirements relating to reporting and disclosure, participation, vesting, and benefit accrual, as well as plan funding. ERISA also regulates the responsibilities of plan fiduciaries and other issues regarding plan administration. ERISA contains various standards that a plan must meet in order to receive favorable tax treatment, and also governs plan termination. This report provides background on the pension laws prior to ERISA, discusses various types of employee benefit plans governed by ERISA, provides an overview of ERISA’s requirements, and includes a glossary of commonly used terms.
The Market for Retirement Annuities
A retirement annuity allows an individual to purchase a regular payment stream from an insurance company to last his lifetime. Despite the ability of the product to eliminate the risk that a retiree will outlive his assets, few retirement annuities have been sold in the individual market. In addition, the number of individuals who annuitize their defined contribution retirement plan balances remains small. New products are emerging that would offer alternate annuity designs and make annuity prices more attractive. This report discusses legislation has been proposed in the 109th Congress that would enhance the tax treatment of annuities and encourage the growth of stand-alone annuity and combined annuity and long-term care products.
ERISA’s Impact on Medical Malpractice and Negligence Claims Against Managed Care Plans
This report examines the Employee Retirement Income Security Act of 1974 (ERISA), which provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. While ERISA does not require an employer to offer pension and welfare benefits, it does mandate compliance with its provisions if such benefits are offered. Congress enacted ERISA to eliminate the conflicting and inconsistent regulation of pension and employee welfare benefit plans by state laws. The provisions at issue in the preemption debate are sections 502(a) and 514(a) of ERISA.
Age Dependency Ratios and Social Security Solvency
As highlighted by the Social Security Administration (SSA), the aging of the (United States) population, hastened by the impending retirement of the huge baby-boom generation, has caused policy-makers to question whether the U.S. Social Security system can meet the demands for retirement benefits in the future. Because the current system largely pays benefits through taxes paid by current workers, the financial health of the system is sensitive to the ratio of dependents to workers—sometimes called the age dependency ratio or support ratio. Trends and projections of dependency ratios, including the relationship between both older (years 65 and older) and younger (under age 20) dependents to the working-age population in the United States are considered in the first section of this demographic report. Next, the United States is compared to nine other nations, including the seven other members of the G8. In the final section, policy implications of the changing dependent-to-worker ratios are considered in the context of pay-as-you-go (paygo) social security systems.
Federal Employee Retirement Programs: Budget and Trust Fund Issues
Retirement annuities for civilian federal employees are provided mainly through two programs: the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). These annuities are financed through a combination of employee contributions and payments made by the federal government to the civil service retirement trust fund. This report discusses the two programs, how they work, and how they are financed.
Summary of the Pension Protection Act of 2006
This report summarizes the main provisions of the Pension Protection Act (PPA) as they affect single-employer defined benefit plans, multiemployer defined benefit plans, and defined contribution plans.
Social Security: The Government Pension Offset
This report discusses the Government Pension Offset (GPO) provision, which reduces Social Security benefits that a person receives as a spouse if he or she also has a government pension based on work that was not covered by Social Security. Its purpose is to replicate Social Security’s “dual entitlement” rule, which requires that a Social Security benefit earned as a worker be subtracted from any Social Security spousal benefit to which the worker is eligible. Its intent is to remove an advantage these workers would otherwise receive if they could receive both a government pension and full Social Security spousal benefits. Opponents contend that the provision is basically inaccurate and often unfair. Five bills have been introduced in the 108th Congress that would modify or repeal the provision.
Military Retirement: Background and Recent Developments
This report discusses the military retirement system. The system currently includes monthly compensation for qualified active and reserve retirees, disability benefits for those deemed medically unfit to serve, and a survivor annuity program for the eligible survivors of deceased retirees.
H.R. 4: The Pension Protection Act
This report discusses the Pension Protection Act (PPA) reforms and the funding rules for defined benefit pensions; requires employers to disclose more information about pension funding; restricts benefit payments and accruals in underfunded plans; and clarifies, prospectively, that cash balance pension plans do not violate legal prohibitions on age discrimination in employee benefits.
Social Security: The Government Pension Offset (GPO)
This report discusses the social security benefits and the spousal benefits of individuals who are not financially dependent on their spouses because they receive benefits based on their own work records.
Social Security: The Windfall Elimination Provision (WEP)
This report discusses the windfall elimination provision (WEP), which reduces the Social Security benefits of workers who also have pension benefits from employment not covered by Social Security. Its purpose is to remove an advantage these workers would otherwise receive because Social Security’s benefit formula is weighted such that workers with low lifetime earnings receive a greater share of their covered earnings in benefits than workers with medium or high lifetime earnings. Opponents contend that the provision is basically imprecise and can be unfair.
The Effect of State-Legalized Same-Sex Marriage on Social Security Benefits and Pensions
No Description Available.
Employer Stock in Pension Plans: Economic and Tax Issues
No Description Available.
ERISA's Impact on Medical Malpractice and Negligence Claims Against Managed Care Plans
No Description Available.
Employer Wellness Programs: Health Reform and the Genetic Information Nondiscrimination Act
No Description Available.
Employee Stock Options: Tax Treatment and Tax Issues
No Description Available.
Federal Employee Retirement Programs: Budget and Trust Fund Issues
Retirement annuities for civilian federal employees are provided mainly through two programs: the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). These annuities are financed through a combination of employee contributions and payments made by the federal government to the civil service retirement trust fund. This report discusses the two programs, how they work, and how they are financed.
Railroad Retirement Board: Retirement, Survivor, Disability, Unemployment, and Sickness Benefits
This report describes the Railroad Retirement Board (RRB) eligibility requirements, benefit types and compensation amounts, and program financing.
Employment Benefits in Bankruptcy
No Description Available.
Employee Stock Ownership Plans (ESOPs): Legislative History
No Description Available.
Employer-Sponsored Retiree Health Insurance: An Endangered Benefit?
No Description Available.
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