Off-Topic: No Suffering with the Plebs
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Name:
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Yankee06
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Subject:
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No Suffering with the Plebs
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Date:
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7/7/2010 4:13:25 PM
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-reference the question about when did gov retirement pay system change; the date was 1 Jan 1987 and it automatically covered people who had come to work for the government starting in 1984(very appropriate?).
-Before 1987, we had teh Civil Service Retirement System (CSRS). Under CSRS Fed workers did not pay into social security and did not receive social security. They received a pension based on years of service and pay grade.
-In 1987, the new system was put into play: teh Federal Employess Retirement System (FERS); New System has three parts: defined benefit, social secuity, and a thrift savings plan (TSP - a 401K type program). I know both teh gov and teh employee both contribute to Social Security and Thrift Savings, and I think they both also contribute to defined benefit pension.
-For a period after the initiation of FERS, employees under the old CSRS plan had teh opportunity to swith into the new plan. Some did during teh big stock boom of the 90s. But it is often said that the really smart ones didn't because they knew the governmeent would never put a new system on the table that was better than the old system. Time proved these old employees to be right.
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