Determine Eligible Benefits Flashcards

1
Q

FERCCA

A

Federal Erroneous Retirement Coverage Correction Act

  • remedy to misclassification
  • employees could choose Fers to offset Csrs
  • reimbursement of out of pocket expenses as a result of coverage errors
  • make up contributions to TSP and receipt lost earnings during those contributions
  • Affected employees are afforded comparative estimates and retirement counseling.
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2
Q

In the wrong retirement plan?

What if your already retired

A

Contact HR AT YOUR AGENCY

Contact OPM
FERCCA HOTLINE 1-888-689-3233

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3
Q

This system covers employees generally hired before 1894 and have had no breaks in service since that time.

A

CSRS

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4
Q

Generally rehired after 12/31/83 with more than a 1 year break in service and at least 5 years of creditable service by the end of 1986.

A

CSRS-offset

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5
Q

Generally first hired after 12/31/83

A

FERS

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6
Q

FERS-RAE

A

Fers- revised annuity employees created by the middle class tax relief and job creation act 2012. For new employees hired after dec 2012

  • new employees will pay higher employee contributions.
  • new members of congress and congressional employees will pay the highest contributions and will receive the same retirement benefits as regular employees.
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7
Q

TransFERS

A

Covered by CSRS And elect to transfer to FERS during one of two open seasons that were held

July 1 1987- June 30 1988
July 1 1998- December 31 1998

Or were
-rehired after 12/31/83
Were
-Not automatically covered by FERS
-Had a break in service for more then 3 days
-Elected to transfer to FERS within 6 months of being rehired.

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8
Q

Employee and Agency Contribution to source of retirement funds

CSRDF

A

CSRDF- civil service retirement and disability fund
CSRS- 7% of base, agency matches their contribution
FERS- employees contribute 0.8% of their base pay. Their agency contributed a higher amount then employees FERS-RAE 3.1%

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9
Q

Employee and Agency Contribution to source of retirement funds

Social security

A

CSRS- no fica contribution
CSRS offset- A portion of the CSRDF contribution is trensferred to social security (6.2% of wages) the agency pays matching.

FERS- Employee contribute contribute 6.2% of wages up to the yearly wage limit. The agency pays the matching employer share of the tax.
(Same as FERS, FERS-RAE, TRANS-FERS)

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10
Q

Employee and Agency Contribution to source of retirement funds

TSP

A

CSRS- may contribute according to IRS limit

CSRS offset- IRS limit no match

FERS - employees may contribute up to the yearly IRS limit. They receive an automatic contribution from their agency to 1% of their basic pay and match of up to
4% of their basic pay.

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