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FEDERAL EMPLOYEE BENEFITS OVERVIEW
Two primary retirement systems exist for federal employees; the Civil Service Retirement System and the Federal Employees Retirement System. Each system contains a mandatory defined benefit pension plan, plus a voluntary 401(k)-style defined contribution plan called the Thrift Savings Plan (TSP) is available to both CSRS and FERS employees.
CSRS
Do not receive limited matching funds under TSP
Do not participate in Social Security
FERS
Receive limited matching funds from the government under TSP
Participate in Social Security
A very limited number of federal employees are classified under the CSRS Offset Retirement System. Unlike other CSRS members these employees are covered under the CSRS defined benefit pension plan and Social Security.
Additionally, there are four other key components to each federal employee’s benefit and retirement package.
Federal Employees Health Benefits Program
Federal Employees’ Group Life Insurance
Federal Long Term Care Insurance Program
Survivor Benefit Plan
Thrift Savings Plan
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