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To: rabscuttle385

I’m not positive, but I believe most federal employees are now under the FERS retirement system (since the 1980s?). The CSRS is the old system, and I would guess it was defined benefit, and covers people hired before the system change. FERS people *do* contribute to SS (and have a defined contribution plan like a 401k).

Just trying to clarify a little info here, we know how accurate the press aims to be. ;)


5 posted on 12/16/2010 9:58:51 AM PST by Marie Antoinette (Proud Clinton-hater since 1998.)
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To: Marie Antoinette; rabscuttle385; muawiyah

Marie, muawiyah is correct, CSRS was terminated in 1987 and all new federal employees were hired under the FERS system. FERS is a combination of individuals paying FULL social security deduction and contributing upto 10% of their salary to the Thrift Savings Plan, which is the federal version of a 401K plan.


10 posted on 12/16/2010 10:06:56 AM PST by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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