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During the 2010 midterm election cycle several candidates made the pay and benefits of federal civil servants an issue. Their efforts were aided by several articles in USA Today and by reports from assorted think tanks including the Libertarian-leaning Cato Institute. Several lawmakers called for a freeze on federal employee’s salaries and Indiana Governor, and perhaps a 2012 Republican presidential hopeful, Mitch Daniels suggested a 10% pay cut for federal employees.
Through it all, few actual details of federal employee’s retirement benefits were revealed to the general public. This article seeks to provide an easy way to understand and calculate federal employee retirement pay. There are currently two major retirement systems in use by the federal government and they are the Civil Service Retirement System and the Federal Employee Retirement System.
The Civil Service Retirement System (CSRS)
The older of the two systems, the Civil Service Retirement System (CSRS) applies to employees who were hired by the federal government prior to January 1, 1987 when FERS (per the OPM) was enacted unless that employee opted for coverage under the Federal Employee System. The ways to qualify for retirement in either system is shown below:
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