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Federal Employeesäó» Retirement System: Benefits and Financing
Katelin P. Isaacs (au)
Most civilian federal employees who were hired before 1984 are covered by the Civil Service Retirement System (CSRS). Federal employees hired in 1984 or later are covered by the Federal Employeesäó» Retirement System (FERS). Both CSRS and FERS require participants to contribute toward the cost of their pensions 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 or earn Social Security benefits. Employees enrolled in FERS contribute 0.8% of their pay to the CSRDF. They pay 6.2% of wages up to the Social Security taxable wage base to the Social Security trust fund under permanent law. Under temporary law, they pay 4.2% of wages up to the Social Security taxable wage base. The taxable wage base is $110,100 in 2012. Several bills have been introduced in the 112th Congress that propose comprehensive changes to federal retirement benefits and financing. Contents of this report: Background on Retirement Plan Design; Eligibility and Benefit Amounts under FERS and CSRS; Retirement Income Adquacy; The Thrift Savings Plan; Employer and Employee Contributions to CSRS and FERS; Financing Pension Benefits for Federal Employees; Legislative proposals in the 112th Congress. Tables. This is a priint on demand report.
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