ERIC Number: ED252719
Record Type: RIE
Publication Date: 1984-Dec
Reference Count: 0
Designing a Retirement System for Federal Workers Covered by Social Security.
Library of Congress, Washington, DC. Congressional Research Service.; Congress of the U. S., Washington, DC. House Committee on Post Office and Civil Service.
A study examined principal cost and benefit issues to be resolved in designing a new retirement system for Federal workers covered by Social Security. The new Federal system would be built on the base of Social Security and would take into account the Social Security program's taxes and benefits. The current Civil Service Retirement System (CSRS) was analyzed and was found to cost more than representative private sector pension plans (Social Security plus a pension plan), largely because the CSRS is tied to the consumer price index and because Federal employees can retire with immediate and unreduced benefits at age 55 provided they have accrued 30 years of service. Five alternative retirement plans were formulated and analyzed. It was determined that if cost-of-living adjustments and the retirement age provisions of the CSRS are replicated, benefits at retirement under the proposed systems would be smaller than at present. However, new Federal ancillary benefits could be higher, at least initially, particularly if employees participated in capital accumulation plans. The higher benefits would require a higher employee cost than the current system. (This report includes numerous tables and figures and appendixes on public and private sector retirement practices, financing the CSRS, and cost and replacement rate models and results.) (MN)
Descriptors: Comparative Analysis, Cost Effectiveness, Employment Practices, Feasibility Studies, Federal Government, Finance Reform, Financial Support, Government Employees, Models, Policy Formation, Program Costs, Program Design, Public Policy, Retirement Benefits
Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
Publication Type: Legal/Legislative/Regulatory Materials
Education Level: N/A
Authoring Institution: Library of Congress, Washington, DC. Congressional Research Service.; Congress of the U. S., Washington, DC. House Committee on Post Office and Civil Service.
Identifiers: Civil Service Retirement System; Congress 98th; Private Sector; Social Security