Structure
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).
Read more about this topic: Federal Employees Retirement System
Famous quotes containing the word structure:
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