CSRS

In 1983, Public Law 98-21 required Social Security coverage for federal civilian employees first hired after 1983 and closed the Civil Service Retirement System (CSRS) to new federal employees and members of Congress.

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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.

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I will be eligible for full CSRS retirement in precisely 2 years and 355 days.

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The independent Postal Service Office of Inspector General examined payments we have made to the Civil Service Retirement System CSRS, concluding we had overpaid the account by some $75 billion.

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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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One big issue is the $75 billion in overpayments that the Postal Service inspector general says the agency had made to the CSRS since 1972.

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There is growing evidence that the formula created in the 1970s to determine how much the Postal Service must pay into the old Civil Service Retirement System [CSRS] has resulted in significant overpayments.

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OPM told Congress in April that the method it uses to calculate USPS payments to the CSRS is correct, which would mean there is no overpayment.

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In 2006, the average annual pension for retired senators and representatives under CSRS was $60,972, while those who retired under FERS, or in combination with CSRS, was $35,952.

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OPM told Congress in April that the method it uses to calculate USPS payments to the CSRS is correct, which would mean there is no overpayment.

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