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To: glm
Reagan in his deal with Tip O'Neil on the passage of P.L. 98-21, (H.R. 1900) Social Security Amendments of 1983-Signed on April 20, 1983 agreed to make SS mandatory for all federal employees hired after 1983. The act also increased taxes and raised the retirement age for full benefits from 65 to 67.

There is still a civil service pension system, plus SS and the Thrifty Plan [the equivalent of a 401K program. Federal employees have a three-legged stool of pensions.

43 posted on 11/29/2010 8:41:32 AM PST by kabar
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To: kabar

the three legged retirement plan is being phased out. anyone hired after 1984 [or 1986 I forget] only has the two legs (that makes most Federal Workers today under FERS not CSRS) I remember the three legs was only for those with the CSRS plan could choose to join FERS and they had to make a transition plan. Those with CSRS got to keep their CSRS up to the point of choosing the FERS. Then it was frozen and the SS and 401(k) plan were added. There is some complicated formula, but it is used used for those employes with CSRS plans. I choose not to switch. I do not have SS. I did create a 401(k) but not matching funds from the Government as it was done under FERS. I can see the day coming where all the CSRS benefits will be slowly taken away from the retirees since there is no left working to keep it going.


80 posted on 11/29/2010 11:26:23 AM PST by glm
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To: kabar

Not true. There are only two systems and no one can join the older one now. After 1983 there is no more choice everyone is under the SS system.


124 posted on 11/29/2010 7:28:32 PM PST by arrogantsob
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