Federal Employees Retirement System
- Federal Employees Retirement System
The Federal Employees Retirement System (or FERS) was enacted on June 6, 1986, and effective January 1, 1987. It was designed by Congress to replace the Civil Service Retirement System (CSRS).
New U.S. Federal civilian employees, first hired after 1983, are automatically covered by this new retirement system. Employees who leave Federal employment after five years of service, may still qualify for the benefits. FERS is a three tiered system that consists of a defined benefit plan, Social Security, and the Thrift Savings Plan. The Thrift Savings Plan operates like a 401(k). More information about FERS can be found on the Office of Personnel Management's FERS retirement website. [ [http://opm.gov/retire/html/library/fers.asp Federal Employees Retirement System (FERS) Publications ] ]
FERCCA Legislation
The Federal Erroneous Retirement Coverage Corrections Act (FERCCA) legislation was signed in September 2000. It was designed to provide relief to Federal civilian employees who were placed in the wrong retirement system for at least 3 years of service after December 31, 1986.
FERCCA gave affected employees and annuitants placed in the wrong retirement system an opportunity to choose between the Federal Employees Retirement System (FERS) and the offset provisions of CSRS. FERCCA may also provide one or more of the following: [ [http://www.opm.gov/benefits/correction/ Federal Erroneous Retirement Coverage Corrections Act (FERCCA) Home Page ] ]
Reimbursement for certain out-of-pocket expenses paid as a result of a coverage error; Ability to benefit from certain changes in the rules about how some Government service counts toward retirement; and Make-up contributions to the Thrift Savings Plan and receipt of lost earnings on those contributions.
References
Wikimedia Foundation.
2010.
Look at other dictionaries:
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FERS — Federal Employees Retirement System … Acronyms
FERS — Federal Employees Retirement System … Acronyms von A bis Z
