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Options for Changing the Retirement System for Federal Civilian Workers

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  • Congressional Budget Office

Abstract

In 2016, the federal government paid about $13 billion for the defined benefit pensions under the Federal Employee Retirement System (FERS) and $70 billion for pensions under the Civil Service Retirement System, the predecessor to FERS; those expenditures were partially offset by $3 billion in revenues from employees’ contributions. In addition, the government contributed an estimated $8 billion to the Thrift Savings Plan, a defined contribution plan similar to a 401(k).

Suggested Citation

  • Congressional Budget Office, 2017. "Options for Changing the Retirement System for Federal Civilian Workers," Reports 53003, Congressional Budget Office.
    • Handle: RePEc:cbo:report:53003
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    File URL: https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53003-federalretirement_1.pdf
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    Citations

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    Cited by:

    1. Megan Carroll & David Torregrosa, 2019. "A Summary of Selected CBO Reports on Cash and Accrual Budgeting: Working Paper 2019-09," Working Papers 55672, Congressional Budget Office.
    2. Justin Falk & Nadia Karamcheva, 2019. "The Effect of the Employer Match and Defaults on Federal Workers’ Savings Behavior in the Thrift Savings Plan: Working Paper 2019-06," Working Papers 55447, Congressional Budget Office.
    3. Ilana O. McCarthy & Ramal Moonesinghe & Hazel D. Dean, 2020. "Association of Employee Engagement Factors and Turnover Intention Among the 2015 U.S. Federal Government Workforce," SAGE Open, , vol. 10(2), pages 21582440209, June.
    4. Justin Falk & Nadia Karamcheva, 2018. "Comparing the Effects of Current Pay and Defined Benefit Pensions on Employee Retention: Working Paper 2018-06," Working Papers 54056, Congressional Budget Office.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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