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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Suma who wrote (28795)2/9/2005 7:05:45 PM
From: Lazarus_Long  Read Replies (1) of 90947
 
I beg to differ.

Employees or Congresspersons hired or appointed prior to 1984 were covered by the Civil Service Retirement System (CSRS). They remained under CSRS unless they converted to FERS during a 1987 or subsequent open season. Public Law 98-21 established a new program called FERS--the Federal Employees Retirement System.

Permanent Federal employees hired after 1983 and all Congresspersons appointed thereafter are subject to FERS. This system provides a combination of Social Security, a retirement plan, and a savings plan similar to a 401K. Congresspersons appointed prior to 1984 staying with CSRS also became subject to Social Security payments. There is a 5-year vesting requirement except for disability. Therefore, a Congressional Representative must serve at least 3 two year terms in office before becoming eligible for an eventual retirement. All employees on the rolls on and after January 1, 1983 began paying into the Medicare fund and were immediately grand fathered in for Part A coverage.

Cost of living adjustments based on the CPI-W are made annually under both retirement plans, as is Social Security. There are significant differences in the retirement plans for Firefighters, Law Enforcement and FAA controllers (not covered in this article). However, Postal Service employees and retirees are in plans identical to those described here.
fedsmith.com
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