Federal Employees’ Retirement System: The Role of the Thrift Savings Plan

CRS – Federal Employees’ Retirement System: The Role of the Thrift Savings Plan, Katelin P. Isaacs, Analyst in Income Security. March 8, 2013

  • “Federal employees participate in one of two retirement systems. The Civil Service Retirement System (CSRS) was established in 1920 and covers only employees hired before 1984. Participants in the CSRS do not pay Social Security payroll taxes and they do not earn Social Security benefits. For a worker retiring after 30 years of federal service, a CSRS annuity will be equal to 56.25% of the average of his or her highest three consecutive years of basic pay.”
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