Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- abbreviation government, US Federal Employees Retirement System
Etymologies
Sorry, no etymologies found.
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Examples
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Of course, not mentioned as part of the federal retirement plan is FERS, which is the DEFINED BENEFIT part of the plan, with the TSP an add-on that the employee elects the percentage and the types of investments.
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BTW -- their pensions do include Social Security, just as every Federal employee's retirement program has since 1984 when the Civil Service Retirement System was changed to something called FERS.
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The post office's FERS account currently has a surplus of $6.9 billion, the agency said.
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The FERS program and Social Security are in dire straits, paying out more than they are taking in.
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Under both CSRS and FERS, Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service.
First on the CNN Ticker: Florida senator to resign seat 2009
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The Federal Employees Retirement System FERS instituted in the early 1980s is built upon the Social Security System, and employees covered by FERS paid fully into Social Security.
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Perpetuity was yesterday, there's been no change to Social Security, ergo the FERS system results in a bleak tomorrow.
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FERS contributions to Social Security made it solvent and created very large surpluses.
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Additionally, as of 2007, the average sum of money Congress was getting after they retired was $63,696/year from the old CSRS, and $36,732/year off of the new FERS plan.
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At the time FERS was instituted, Social Security was running a negative cash flow.
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