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Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Legislators
Languages : en
Pages : 48
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Legislators
Languages : en
Pages : 48
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Prior to 1984, neither federal civil service workers nor Members of Congress paid taxes to Social Security, nor were they eligible for Social Security benefits. Members of Congress and other federal employees were instead covered by a separate pension plan called the Civil Service Retirement System (CSRS). The 1983 amendments to the Social Security Act (P.L. 98-21) required federal employees first hired after 1983 to participate in Social Security. These amendments also required all Members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal workers. The result was the Federal Employeesâ€TM Retirement System Act of 1986 (P.L. 99-335). Members of Congress first elected in 1984 or later are covered automatically under the Federal Employeesâ€TM Retirement System (FERS), unless they decline this coverage. Those who already were in Congress when Social Security coverage went into effect could either remain in CSRS or change their coverage to FERS. Members are now covered under one of four different retirement arrangements: Full coverage under both CSRS and Social Security; The “CSRS Offsetâ€ŗ plan, which includes both CSRS and Social Security, but with CSRS contributions and benefits reduced by Social Security contributions and benefits; FERS plus Social Security; or Social Security alone. Congressional pensions, like those of other federal employees, are financed through a combination of employee and employer contributions. All Members pay Social Security payroll taxes equal to 6.2% of the Social Security taxable wage base ($97,500 in 2007). Members covered by FERS also pay 1.3% of full salary to the Civil Service Retirement and Disability Fund. Members covered by CSRS Offset pay 1.8% of the first $97,500 of salary, and 8.0% of salary above this amount, into the Civil Service Retirement and Disability Fund. Under both CSRS and FERS, Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a Memberâ€TMs retirement annuity may not exceed 80% of his or her final salary. As of October 1, 2006, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006.
Author: Patrick J. Purcell
Publisher:
ISBN:
Category : Legislative bodies
Languages : en
Pages : 13
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Book Description
Prior to 1984, neither federal civil service workers nor Members of Congress paid taxes to Social Security, nor were they eligible for Social Security benefits. Members of Congress and other federal employees were instead covered by a separate pension plan called the Civil Service Retirement System (CSRS). The 1983 amendments to the Social Security Act (P.L. 98-21) required federal employees first hired after 1983 to participate in Social Security. These amendments also required all Members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal workers. The result was the Federal Employees Retirement System Act of 1986 (P.L. 99-335).
Author: Katelin P. Isaacs
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Report that covers the logistics and background of the Congressional Pension program.
Author: U S Government Accountability Office (G
Publisher: BiblioGov
ISBN: 9781289103750
Category :
Languages : en
Pages : 54
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Book Description
Pursuant to a congressional request, GAO compared the retirement benefits available to members of Congress and congressional staff with those available to other employees under the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). GAO found that: (1) CSRS provisions for congressional members are generally more generous than those for general employees; (2) Members of Congress, law enforcement officers, firefighters, and air traffic controllers may retire at a younger age and with fewer years of service than general and congressional employees; (3) Members, congressional staff, law enforcement officers, firefighters, and court judges enjoy a higher benefit formula than general employees; (4) air traffic controllers are covered by the general employee benefit formula, but they are guaranteed a minimum 50-percent pension; (5) general employees and Members are subject to having their pensions reduced if they retire early; (6) some special employee groups have their premium pay included in their benefit formulas; (7) employees who receive preferential benefits are required to make greater payroll contributions; (8) the FERS pension plan has many of the CSRS advantages for Members, congressional staff, law enforcement officers, firefighters, and air traffic controllers and has eliminated or changed some CSRS provisions; and (9) under FERS, law enforcement officers, firefighters, and air traffic controllers enjoy provisions similar to those for Members of Congress.
Author: Patrick J. Purcell
Publisher:
ISBN:
Category : Legislative bodies
Languages : en
Pages : 12
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Author: United States Accounting Office (GAO)
Publisher: Createspace Independent Publishing Platform
ISBN: 9781987656688
Category :
Languages : en
Pages : 50
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Book Description
GGD-95-78 Federal Retirement: Benefits for Members of Congress, Congressional Staff, and Other Employees
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 43
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Book Description
The retirement benefits provided by the Civil Service Retirement System for Members of Congress are generally more generous than those provided for other federal employees. The major differences are found in the eligibility requirements for retirement and the formulas used to calculate benefits. The Member benefit formula applies to congressional staff, but they are covered by the general employee retirement eligibility requirements. Law enforcement officers and firefighters may retire earlier than general employees and are covered by a more-generous benefit formula than are general employees. Under the Civil Service Retirement System, the provisions for air traffic controllers fall between those for law enforcement officers and firefighters and those for general employees. Many of the advantages afforded to Members of Congress and congressional staff under the Civil Service Retirement System were continued under the Federal Employees Retirement System, which covers workers hired in 1985 and thereafter. But under the Federal Employee Retirement System, provisions for law enforcement officers, firefighters, and air traffic controllers are very similar to provisions for Members. GAO summarized this report in testimony before Congress; see: Congressional Retirement Issues, by Johnny C. Finch, Assistant Comptroller General for General Government Programs, before the Subcommittee on Post Office and Civil Service, Senate Committee on Governmental Affairs. GAO/T-GGD-95-165, May 15, 1995 (13 pages).
Author: United States. Congress. House. Committee on Post Office and Civil Service
Publisher:
ISBN:
Category : Survivors' benefits
Languages : en
Pages : 72
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Book Description
Author: United States. Congress. House. Committee on the Civil Service
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 176
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Book Description
