Categories: Income Security, Allocation (Government accounting), Budget obligations, Budget outlays,
Civil Service Retirement System,
Civil service retirement system, Pay, Pensions, Private sector, Retirement benefits
The Board Plan covers Board employees hired before 1984; its plan design is nearly identical to that of the
Civil Service Retirement System. Participants do not pay social security tax but have contributed to the Board Plan at the same rate as CSRS participants over the years (except that the Board did not increase the employee contribution rate from 7.0 percent to 7.25 percent in 1999 as CSRS did).
HR/RET, along with the Office of Personnel Management, also administers retirement benefits for more than 13,000 State Department Civil Service employees covered by the
Civil Service Retirement System and its offset system, and the Federal Employees Retirement System; OPM does the final adjudication of all Civil Service retirements.
The government would have gone into default if the Treasury Department had not balanced the books by delaying payments to the
civil service retirement system. But now the election is safely past, the Treasury's accounting tricks are exhausted, and Congress must face the embarrassing task of raising the federal debt ceiling.
The Postal
Civil Service Retirement System Funding Reform Act of 2003 (the Act) required the United States Postal Service, Department of the Treasury, and Office of Personnel Management (OPM) to prepare proposals detailing whether and to what extent the Treasury and Postal Service should fund the benefits attributable to the military service of the Postal Service's current and former
Civil Service Retirement System (CSRS) employees.
And, according to the Office of Personnel Management, a federal worker on the
Civil Service Retirement System with the same profile gets $19,700.
Pat and her team of 29 counselors, policy experts, HR assistants and other program support staff have sole responsibility for adjudicating retirement annuities for all Foreign Service employees and share responsibility with the Office of Personnel Management for administering benefits to Department employees in the three Civil Service retirement plans: the
Civil Service Retirement System (the "old" system), the CSRS-Offset System and the Federal Employees Retirement System (the "new" system).
They total more than $481 billion for the
Civil Service Retirement System alone.
The majority of federal workers, however, are covered by two giant programs, the
Civil Service Retirement System (CSRS) and the Military Retirement System (MRS).