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Civil Service Retirement System
The Civil Service Retirement System (CSRS) is a public pension fund organized in 1920 that has provided retirement, disability, and survivor benefits for most civilian employees in the United States federal government. Upon the creation of a new Federal Employees Retirement System (FERS) in 1987, those newly hired after that date cannot participate in CSRS. CSRS continues to provide retirement benefits to those eligible to receive them. CSRS is a defined-benefit plan, akin to a pension. Notably, though, CSRS employees do not participate in Social Security (unless having worked in the private sector beforehand, and then subject to penalties). Employees hired after 1983 are required to be covered by the Federal Employees Retirement System (FERS), which is a three tiered retirement system with a smaller defined benefit (pension), Social Security, and a 401(k)-style system called the Thrift Savings Plan The Thrift Savings Plan (TSP) is a defined contribution plan for United St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 Trillion (short scale), trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity. Classifications Open vs. closed pension fund ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Government
The Federal Government of the United States of America (U.S. federal government or U.S. government) is the Federation#Federal governments, national government of the United States. The U.S. federal government is composed of three distinct branches: United States Congress, legislative, President of the United States, executive, and Federal judiciary of the United States, judicial. Powers of these three branches are defined and vested by the Constitution of the United States, U.S. Constitution, which has been in continuous effect since May 4, 1789. The powers and duties of these branches are further defined by Act of Congress, Acts of Congress, including the creation of United States federal executive departments, executive departments and courts subordinate to the Supreme Court of the United States, U.S. Supreme Court. In the Federalism in the United States, federal division of power, the federal government shares sovereignty with each of the 50 states in their respective t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Employees Retirement System
The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. FERS consists of three major components: *The FERS annuity, a defined benefit plan, *Mandatory participation in Social Security (most CSRS employees are not part of Social Security and do not pay taxes into the system, nor are they eligible for benefits unless they qualify under private sector employment or by being rehired and covered as CSRS with a Social Security Offset), and *The Thrift Savings Plan (TSP), a defined contribution plan which operates like a 401(k). Transition from CSRS to FERS Since January 1, 1984, employees with fewer than 5 years of non-military experience on December 31, 1986, were covered under interim retirement rules under which they were covered by bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", where defined periodic payments are made in retirement and the sponsor of the scheme (e.g. the employer) must make further payments into the fund if necessary to support these defined retirement payments, or a " defined contribution plan", under which defined amounts are paid in during working life, and the retirement payments are whatever can be afforded from the fund. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms " retirement plan" and " superannuation" tend to refer to a pension granted upon retirement of the individual; the terminolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator. This account is classified as a payroll liability, since the amount owed should be paid within one year. There are two types: traditional and Roth 401(k). For Roth accounts, contributions and withdrawals have no impact on income tax. For traditional accounts, contributions may be deducted from taxable income and withdrawals are added to taxable income. There are limits to contribut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thrift Savings Plan
The Thrift Savings Plan (TSP) is a defined contribution plan for United States civil service employees and retirees as well as for members of the uniformed services. As of December 31, 2023, TSP has approximately 7million participants (of which approximately 4.1million are actively participating through payroll deductions), and more than $845.4billion in assets under management; it purports to be the largest defined contribution plan in the world. The TSP is administered by the Federal Retirement Thrift Investment Board, an independent agency. The TSP is one of three components of the Federal Employees Retirement System (FERS; the others being the FERS annuity and Social Security) and is designed to closely resemble the dynamics of private sector 401(k) and Roth 401k plans (TSP implemented a Roth option in May 2012). It is also open to employees covered under the older Civil Service Retirement System (CSRS) but with far fewer benefits (mainly the lack of matching contributi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Management And Budget
The Office of Management and Budget (OMB) is the largest office within the Executive Office of the President of the United States (EOP). The office's most prominent function is to produce the president's budget, while it also examines agency programs, policies, and procedures to see whether they comply with the president's policies and coordinates inter-agency policy initiatives. Russell Vought is the current director of the OMB since February 2025. History The Bureau of the Budget, OMB's predecessor, was established in 1921 as a part of the United States Department of the Treasury, Department of the Treasury by the Budget and Accounting Act of 1921, which President Warren G. Harding signed into law. The Bureau of the Budget was moved to the Executive Office of the President of the United States, Executive Office of the President in 1939 and was run by Harold D. Smith during the government's rapid expansion of spending during World War II. James L. Sundquist, a staffer at the B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2023 United States Debt-ceiling Crisis
On January 19, 2023, the United States hit its debt ceiling, leading to a debt-ceiling crisis, part of an ongoing political debate within Congress about federal government spending and the national debt that the U.S. government accrues. In response, Janet Yellen, the secretary of the treasury, began enacting temporary "extraordinary measures". On May 1, 2023, Yellen warned these measures could be exhausted as early as June 1, 2023; this date was later pushed to June 5. The debt ceiling had been increased multiple times through December 2021 since the 2013 debt-ceiling standoff, each time without budgetary preconditions attached. In the 2023 impasse, Republicans proposed cutting spending back to 2022 levels as a precondition to raising the debt ceiling, while Democrats insisted on a "clean bill" without preconditions, as had been the case in raising the ceiling 3 times during the first Donald Trump administration. If the government had run out of funds, the Treasury would h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist who served as the 78th United States secretary of the treasury from 2021 to 2025. She also served as chair of the Federal Reserve from 2014 to 2018. She was the first woman to hold either position, and has also led the White House Council of Economic Advisers. Yellen is the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Economics at the University of California, Berkeley. Born and raised in Bay Ridge, Brooklyn, Yellen graduated from Brown University in 1967 and earned a Doctor of Philosophy, Ph.D. in economics from Yale University in 1971. She taught as an assistant professor at Harvard University from 1971 to 1976, was a staff economist for the Federal Reserve Board from 1977 to 1978, and was a faculty member at the London School of Economics from 1978 to 1980. Yellen is professor emeritus at the Haas School of Business at the University of California, Berkeley, where she has been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Secretary Of The Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the Cabinet of the United States, president's cabinet and, by law, a member of the United States National Security Council, National Security Council, and fifth in the U.S. presidential line of succession. Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the United States Senate Committee on Finance, Senate Committee on Finance, will take the office if confirmed by the majority of the full United States Senate. The United States Secretary of State, secretary of state, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Debt Ceiling
In the United States, the debt ceiling is a law limiting the National debt of the United States, total amount of money the federal government can borrow. Since the federal government has consistently run a Deficit spending, budget deficit since 2002, it must borrow to finance the spending that has been legally authorized in United States federal budget, the federal budget. The ceiling does not directly limit the size of the budget deficit; rather, it limits the amount the United States Department of the Treasury, Treasury can borrow to pay this already-authorized spending. When the ceiling is reached without an increase in the limit having been enacted, the Treasury must resort to "extraordinary measures" to temporarily finance government expenditures and obligations until a resolution can be reached. The Treasury has never reached the point of exhausting extraordinary measures, resulting in a Default (finance), default, although, on some occasions, it appeared that Congress mig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Service In The United States
The United States federal civil service is the civilian workforce (i.e., non-elected and non-military public sector employees) of the United States federal government's departments and agencies. The federal civil service was established in 1871 (). U.S. state and local government entities often have comparable civil service systems that are modeled on the national system to varying degrees. The U.S. civil service is managed by the Office of Personnel Management, which in December 2011 reported approximately 2.79 million civil servants employed by the federal government. This included employees in the departments and agencies run by any of the Branches of the United States government, three branches of government (the Federal government of the United States#Executive branch, executive branch, U.S. Congress, legislative branch, and U.S. federal court, judicial branch) and the over 600,000 employees of the United States Postal Service#Employment, U.S. Postal Service. Types of employ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
