A 3 part retirement program for federal employees instituted in 1987. Employees fund their share of the basic benefit portion and social security via payroll deductions each pay period. These portions of retirement savings are portable. The employing federal agency makes contributions to the program as well. A third aspect of the system is a thrift saving plan (TSP) which is an automatic contribution of 1% of basic pay to the employee's retirement account.
Related information about Federal Employee Retirement System (FERS):
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