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Military Benefits for Former Spouses: Legislation and Policy Issues
The purpose of this report is to provide a general discussion of legislative provisions and proposals relating to the military benefits for former spouses.
Legal Issues Related to Proving “Service Connection” for VA Disability Compensation: Statutory Presumptions
This report provides a basic overview of various statutory presumptions that help veterans substantiate a service-connected claim for disability compensation.
Veterans' Benefits: Pension Benefit Programs
This report describes pension benefit programs offered by the Department of Veterans Affairs (VA), including the eligibility criteria and current benefit levels, and provides data on the number of pension beneficiaries in FY2010. The most current pension programs available (for those meeting the eligibility criteria on or after January 1, 1979) are the Improved Disability Pension for certain low-income veterans, the Improved Death Pension for certain low-income surviving spouses or children of veterans, as well as a special pension for Medal of Honor recipients.
Veterans' Benefits: Burial Benefits and National Cemeteries
This report provides a descriptive analysis of both nonmonetary and monetary burial veterans' benefits and national cemeteries. It addresses congressional and constituent issues, such as who is eligible to receive burial benefits; who can be buried in a national cemetery; what plans does the Department of Veterans Affairs (VA) have to build new or expand existing national cemeteries; and what benefits does the VA provide, among others.
Federal Employees' Retirement System: Benefits and Financing
Report discussing 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. The taxable wage base is $110,100 in 2012. This report discusses both retirement funds.
Pension Benefit Guaranty Corporation (PBGC): A Fact Sheet
The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency established in 1974 by the Employee Retirement Income Security Act (ERISA; P.L. 93-406). It was created to protect the pensions of participants and beneficiaries covered by private sector, defined benefit (DB) plans. The PBGC is chaired by the Secretary of Labor, with the Secretaries of the Treasury and Commerce serving as board members. In the 112th Congress, an amendment offered by Senate Majority Leader Harry Reid to S. 1813, Moving Ahead for Progress in the 21st Century (MAP-21), contains provisions that would address the use of excess defined benefit pension plan assets and the interest rates that defined benefit plans use to value plan liabilities.
Federal Employees: Pension COLAs and Pay Adjustments Since 1969
Congress has linked adjustments in federal pay to the ECI so that wages for federal employees will remain competitive with wages paid by firms in the private sector. Under the terms of the Federal Employees' Pay Comparability Act of 1990 (P.L. 101-509), pay for civilian federal employees is adjusted each year to keep the salaries of federal workers competitive with comparable occupations in the private sector. These annual adjustments in federal employee pay-which are distinct from any pay raises associated with within-grade step increases or promotions to a higher pay grade-are based on changes in the cash compensation paid to workers in the private sector, as measured by the ECI. Under certain circumstances, the President may limit the annual increase in federal pay by executive order.
Federal Employees' Retirement System: Benefits and Financing
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.
Federal Employees' Retirement System: Benefits and Financing
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 $106,800 in 2011. This report discusses both retirement funds.
Federal Employees' Retirement System: Summary of Recent Trends
This report describes recent trends in the number of civil service annuitants and the financial status of the Civil Service Retirement and Disability Fund.
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.
Veterans' Benefits: Burial Benefits and National Cemeteries
This report provides a descriptive analysis of both nonmonetary and monetary burial benefits and national cemeteries. It addresses congressional and constituent issues, such as who is eligible to receive burial benefits; who can be buried in a national cemetery; what plans does the VA have to build new or expand existing national cemeteries; and what benefits does the VA provide, among others.
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 Affairs: A Preliminary Analysis of the FY2012 Appropriations Request
This report provides a preliminary analysis of the President's budget request for FY2012 for the programs administered by the VA. This report is not an exhaustive discussion of VA's budget request for FY2012. A full CRS report on FY2012 VA budget and appropriations issues is planned after initial congressional consideration of appropriations legislation.
Cost-of-Living Adjustments for Federal Civil Service Annuities
Cost-of-living adjustments (COLAs) for the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) are based on the rate of inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). All CSRS retirees and survivors receive COLAs. Under FERS, however, non-disabled retirees under age 62 do not receive COLAs. This report discusses cost-of-living adjustments for government retirees, as well as related legislation.
U.S. Periods of War
Many wars or conflicts in U.S. history have federally designated "periods of war," dates marking their beginning and ending. This report lists the beginning and ending dates for "periods of war" found in Title 38 of the Code of Federal Regulations, dealing with the Department of Veterans Affairs (VA). It also lists and differentiates other beginning dates given in declarations of war, as well as termination of hostilities dates and armistice and ending dates given in proclamations, laws, or treaties.
Veterans' Benefits: Pension Benefit Programs
The Department of Veterans Affairs (VA) administers several pension benefit programs for veterans as well as their surviving spouses and dependent children. The most current pension programs available (for those meeting the eligibility criteria on or after January 1, 1979) are the Improved Disability Pension for certain low-income veterans and the Improved Death Pension for certain low-income surviving spouses or children of veterans. There is also a special pension for Medal of Honor recipients. This report describes these programs, including the eligibility criteria and current benefit levels. This report will be updated as needed to reflect legislative activity and changes to benefits or eligibility requirements.
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.
Federal Employees: Pay and Pension Increases Since 1969
Under the terms of the Federal Employees' Pay Comparability Act of 1990 (P.L. 101-509), pay for civilian federal employees is adjusted each year to keep the salaries of federal workers competitive with comparable occupations in the private sector. The annual increases in federal employee pay are based on changes in the cash compensation paid to workers in the private sector, as measured by the ECI. Under certain circumstances, the President may limit the annual increase in federal pay by executive order. Federal law also requires Social Security benefits and the pensions paid to retired federal employees to be adjusted each year. The COLAs for both Social Security and civil service pensions are based on the rate of inflation as measured by the CPI.
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.
Veterans' Benefits: Pension Benefit Programs
The Department of Veterans Affairs (VA) administers several pension benefit programs for veterans as well as their surviving spouses and dependent children. The most current pension programs available (for those meeting the eligibility criteria on or after January 1, 1979) are the Improved Disability Pension for certain low-income veterans and the Improved Death Pension for certain low-income surviving spouses or children of veterans. There is also a special pension for Medal of Honor recipients. This report describes these programs, including the eligibility criteria and current benefit levels. This report will be updated as needed to reflect legislative activity and changes to benefits or eligibility requirements.
Veterans' Benefits: Dependency and Indemnity Compensation (DIC) for Survivors
The Department of Veterans Affairs (VA) offers directly, or in conjunction with other federal agencies, several benefits for surviving spouses, children, and dependent parents of deceased veterans to provide them with financial, educational, and emotional support. Among these various programs, Dependency and Indemnity Compensation (DIC) is a monthly tax-free cash payment for eligible surviving spouses, children, and dependent parents. This report outlines the eligibility requirements and benefit levels for DIC, the policy issues associated with DIC, and legislation in the 111th Congress related to DIC.
Veterans' Benefits: Burial Benefits and National Cemeteries
This report provides a descriptive analysis of both nonmonetary and monetary burial veterans' benefits and national cemeteries. It addresses congressional and constituent issues, such as who is eligible to receive burial benefits; who can be buried in a national cemetery; what plans does the Department of Veterans Affairs (VA) have to build new or expand existing national cemeteries; and what benefits does the VA provide, among others.
Social Security: The Cost-of-Living Adjustment in January 2009
The 5.8% COLA payable in January 2009 was triggered by the rise in the CPI-W from the third quarter of 2007 to the third quarter of 2008. 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. Although COLAs under the federal Civil Service Retirement System (CSRS) and the federal military retirement program are not triggered by the Social Security COLA, these programs use the same measuring period and formula for computing their COLAs. Their recipients will also receive a 5.8% COLA in January 2009.
Brief Facts About Congressional Pensions
This report contains a table that lists the number of retired Members of Congress and the average amount of congressional pension they receive in retirement.
Cost-of-Living Adjustments for Federal Civil Service Annuities
Cost-of-living adjustments (COLAs) for the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) are based on the rate of inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). All CSRS retirees and survivors receive COLAs. Under FERS, however, non-disabled retirees under age 62 do not receive COLAs. This report discusses cost-of-living adjustments for government retirees, as well as related legislation.
Pension Benefit Guaranty Corporation: A Fact Sheet
The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency established in 1974 by the Employee Retirement Income Security Act (ERISA) (P.L. 93- 406). It was created to protect the pensions of participants and beneficiaries covered by private sector, defined benefit (DB) plans. These pension plans provide a specified monthly benefit at retirement, usually either a percent of salary or a flat dollar amount multiplied by years of service. Defined contribution plans, such as §401(k) plans, are not insured. The PBGC is chaired by the Secretary of Labor, with the Secretaries of Treasury and Commerce serving as board members.
Federal Employees: Pay and Pension Increases Since 1969
Under the terms of the Federal Employees' Pay Comparability Act of 1990 (P.L. 101-509), pay for civilian federal employees is adjusted each year to keep the salaries of federal workers competitive with comparable occupations in the private sector. The annual increases in federal employee pay are based on changes in the cash compensation paid to workers in the private sector, as measured by the ECI. Under certain circumstances, the President may limit the annual increase in federal pay by executive order. Federal law also requires Social Security benefits and the pensions paid to retired federal employees to be adjusted each year. The COLAs for both Social Security and civil service pensions are based on the rate of inflation as measured by the CPI.
401(k) Plans and Retirement Savings: Issues for Congress
Over the past 25 years, defined contribution (DC) plans - including 401(k) plans - have become the most prevalent form of employer-sponsored retirement plan in the United States. This report describes seven major policy issues with respect to defined contribution plans: 1) access to employer-sponsored retirement plans; 2) participation in employer-sponsored plans; 3) contribution rates; 4) investment choices; 5) fee disclosure; 6) leakage from retirement savings; and 7) converting retirement savings into income.
Military Retirement and Veterans' Compensation: Concurrent Receipt Issues
This report describes the history and background of the offset and the legislative history of recent attempts to eliminate or reduce the offset. It delineates and analyzes the arguments for and against eliminating or reducing the offset and allowing concurrent receipt, and addresses the issues of costs, precedents in other Federal programs, purposes of the two programs, and equity issues. Finally, options other than full concurrent receipt are mentioned.
Annuities and the Securities and Exchange Commission Proposed Rule 151A
The Securities and Exchange Commission (SEC) recently released a proposed rule that would effectively reclassify equity indexed annuities as a security product in addition to being an insurance product. This report presents the different types of annuities, explains the taxation of annuities, and disentangles the federal and state roles in the regulation of annuities. It outlines the proposed SEC rule and its current status.
Veterans Benefits: An Overview
The Department of Veterans Affairs (VA) offers a wide range of benefits and services to eligible veterans, members of their families, and survivors of deceased veterans. VA programs include disability compensation and pensions, readjustment benefits, and health care programs. The VA also provides life insurance, burial benefits, housing and other loan guaranty programs, and special counseling and outreach programs. While eligibility for specific benefits varies, veterans generally must meet requirements related to discharge type and length of active duty military service. This report provides an overview of major VA benefits and the VA budget.
U.S. Periods of War
Many wars or conflicts in U.S. history have federally designated "periods of war," dates marking their beginning and ending. These dates are important for qualification for certain veterans' pension or disability benefits. This report lists the beginning and ending dates for "periods of war" found in Title 38 of the Code of Federal Regulations, dealing with the Department of Veterans Affairs (VA). It also lists and differentiates other beginning dates given in declarations of war, as well as termination of hostilities' dates and armistice and ending dates given in proclamations, laws, or treaties.
The Retirement Savings Tax Credit: A Fact Sheet
The Economic Growth and Tax Relief Reconciliation Act of 2001 authorized a non-refundable tax credit of up to $1,000 for eligible individuals who contribute to an IRA or an employer-sponsored retirement plan. The maximum credit is 50% of retirement contributions up to $2,000. This credit can reduce the amount of taxes owed, but the tax credit itself is non-refundable. The maximum credit is the lesser of either $1,000 or the tax that the individual would have owed without the credit. Eligibility is based on the taxpayer's adjusted gross income. The eligible income brackets are not indexed to inflation. Taxpayers under age 18 or who are full-time students are not eligible for the credit.
Military Retirement: Major Legislative Issues
The military retirement system includes benefits for retirement after an active or reserve military career, disability retirement, and survivor benefits for eligible survivors of deceased retirees. The change to the system that has generated the most recent legislative activity involves whether some or all military retirees should be allowed to receive both military retired pay and any VA disability compensation to which they are otherwise entitled; this is referred to as "concurrent receipt." Starting in 1999 (FY2000), provisions in each year's annual National Defense Authorization Act (NDAA) authorized payments to comparatively small groups (in the tens of thousands) of military retirees in lieu of concurrent receipt. The most significant military retirement issue Congress dealt with in 2005 was whether military retirees with a 100% VA unemployability rating, but less than a 100% disability rating, should be entitled to full concurrent receipt as was provided to 100% disability retirees in 2004.
Pension Sponsorship and Participation: Summary of Recent Trends
According to the Census Bureau's Current Population Survey (CPS), the number of private-sector workers between the ages of 25 and 64 whose employer sponsored a retirement plan fell from 53.1 million in 2004 to 52.5 million in 2005. This report analyzes the Current Population Survey and describes several elements, including: 1) the percentage of workers whose employer sponsored a retirement plan; 2) the percentage of workers who participated in an employer-sponsored retirement plan; 3) the likelihood of black, Hispanic, and other non-white workers to participate in an employer-sponsored retirement plan; and 4) the percentage of part-year or part-time workers in the private sector whose employer sponsored a retirement plan.
Topics in Aging: Income of Americans Age 65 and Older, 1969 to 2004
No Description Available.
Topics in Aging: Income of Americans Age 65 and Older, 1969 to 2004
No Description Available.
Pension Sponsorship and Participation: Summary of Recent Trends
No Description Available.
Pension Sponsorship and Participation: Summary of Recent Trends
No Description Available.
Social Security: Reexamining Eligibility for Disability Benefits
No Description Available.
Retirement Savings and Household Wealth: Trends from 2001 to 2004
No Description Available.
Retirement Savings and Household Wealth: A Summary of Recent Data
No Description Available.
Periods of War
No Description Available.
Social Security: The Cost-of-Living Adjustment (COLA) in January 1988
No Description Available.
Former Presidents: Pensions, Facilities, and Services
The Former Presidents Act (72 Stat. 838) of 1958 provides financial and practical means to those who have served as President of the United States and still retain certain implicit public duties. In 1958, the cost of former Presidents to the public was an estimated $64,000. In FY84, approximately $27 million will be spent on benefits to former Presidents and their widows. Operation and maintenance of Presidential Libraries was approximately $14.9 million in FY83. This report discusses increasing concerns regarding the amounts and the types of expenditures that have been made.
A Comparison of Benefits Earned Under Social Security and Civil Service Retirement
This report provides a brief side-by-side comparison of Civil Service Retirement and Social Security benefits.
Individual Retirement Accounts (IRAs): Tax Incentives for Retirement Savings
This report discusses Individual Retirement Arrangements (IRA) and their tax incentives. Many workers covered by employer-sponsored retirement plans do not work long enough with one employer to be entitled to a pension. Others may be covered by a profit-sharing plan to which the employer may have little or no profits to contribute. Since these individuals were "covered" by a retirement plan, they were ineligible to make tax-deductible contributions to a tax-sheltered Individual Retirement Arrangement (IRA). Many observers considered this a tax inequity and felt that all employees should be eligible to establish their own IRAs or make tax-deductible contributions to their employer's plan. Congress responded to this situation by approving retirement savings incentives for all workers as part of the tax cut bill (H.R. 4242). All workers, whether or not covered by an employer pension plan, are now permitted tax deductible contributions to IRAs up to $2,000 a year.
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.
Military Retirement: Major Legislative Issues
No Description Available.