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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (128596)	12/8/2012 11:16:51 AM
From: Wharf Rat	Read Replies (2) \| Respond to of 149317

" why is Social Security not good enough for them" Why do you assume they ( those elected since '86) aren't on SS? Why do you assume their janitor, hired in '85, is? " Senators are covered by the Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS). " The Federal Employees Retirement System (FERS) is the current retirement system for employees within the U.S. federal civilian employees. FERS was enacted on June 6, 1986, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. FERS consists of three major components: The FERS annuity, a defined benefit plan, Mandatory participation in Social Security (most CSRS employees are not part of Social Security and do not pay taxes into the system, nor are they eligible for benefits unless they qualify under private sector employment or by being rehired and covered as CSRS (with a Social Security) Offset), and The Thrift Savings Plan (TSP), a defined contribution plan which operates like a 401(k). en.wikipedia.org