CSRS, also known as the “old system,” began in 1920. CSRS retirements are based on a defined benefit and defined contribution component. Employees contribute 7% of pay toward the defined benefit component and pay nothing into the Social Security System. Active CSRS have the ability to contribute up to $26,000 per year (age 50 or older) into the Thrift Savings Plan. Unlike FERS employees, CSRS employees do not receive any matching contributions. Special planning considerations include:
CSRS Offset is a hybrid version of CSRS. Offset employees pay into both Social Security and CSRS. CSRS Offset was created with the legislation that created FERS. CSRS offset employees had a break in service that exceed one year and ended after 1983, and had five years of credible service. If employees are reinstated to Federal service and meet the requirements, they will be placed into the CSRS Offset system. Offset employees have three components to their retirement that include Social Security, CSRS, and Thrift Savings Plan. There is no matching in the Thrift Savings Plan for CSRS Offset employees. Special planning considerations include:
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