PLAN DESIGN SPECIFICATIONS FOR THE CIVIL SERVICE SUPPLEMENTAL RETIREMENT SYSTEM (CSSRS)

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP89-00066R000900050006-5
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 8
• Document Creation Date: December 22, 2016
• Document Release Date: January 13, 2011
• Sequence Number: 6
• Publication Date: October 23, 1985
• Content Type: MISC

Sanitized Copy Approved for Release 2011/01/13 :CIA-RDP89-00066R000900050006~5
MEMORANDUM FOR : ~ ~ I ~ ~ $~ ~ (J ~ I
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FORM USC PRECIOUS
$?75 IoI EDITIONS
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PLAN DESIGN SPECIFICATIONS
FOR THE
CIVIL SERVICE SUPPLEMENTAL RETIREMENT SYSTEM (CSSRS)
A. BASIC PLAN DESIGN
B. REQUIRED EMPLOYEE
CONTRIBUTION
C. VESTING
D. SALARY BASE
E. RETIREMENT BENEFIT
FORMULA
F. UNREDUCED RETIREMENT
BENEFITS
G. INVOLUNTARY EARLY
RETIREMENT BENEFITS
Defined benefit, not explicitly
integrated with social security
(add-on plan).
Through 1987: 1.3= of pay.
From 1988-1989: 0.94= of pay.
1990 and after: 0.8t of pay.
5 years.
Average High-3 salary.
1.OS x years of service.
Aqe
55
with
30
years
of
service;
Aqe
60
with
20
years
of
service;
Aqe
62
with
5
years
of
service.
Supplement paid prior to age 62
equal to social security benefit.
Accrued benefit, unreduced,
payable at:
Aqe 50 with 20 years of service.
Any age with 25 years of service.
Supplement paid prior to age 62
equal to social security benefit.
Full accrued benefit payable at
age 62 with at least 5 years of
service.
~,
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Employees may withdraw
contributions plus interest.
Any withdrawn contributions will
be deducted from the vested
benef i t value .
J. COST-OF-LIVING Annual adjustment equal to the
ADJUSTMENT increase in the Consumer Price
Index.
For employees eligible for
social security benefits, a
basic benefit no less than the
lesser of
(a) 20~ of high-three
salary, or
(b) the retirement
benefit projected to
age 60.
Employees not eligible for
social security benefits receive
the above formula plus a
supplemental benefit until
old-age social security benefits
become payable at age 62. The
supplement is equal to the
lesser of:
(a) the basic disability
benefit, or
(b) 70g of the social
security benefit.
~L..-IiAZARDOUS DUTY EMPLOYEES Federal Law Enforcement officers
may retire after age 50 with 20
years of service.
Firefighters may retire after
age 50 with 20 years of service.
Air Traffic Controllers may
retire after 25 years of service
or after age 50 with 20 years of
service.
The annual retirement credit is
1.7~ times years of service up
to 20 years plus 1.5~ for years
in excess of 20 years.
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HAZARDOUS DUTY EMPLOYEES Supplement payable from
(contd) retirement to age 62.
Employee pays an additional .51
of pay for benefit.
M. POST-RETIREMENT SPOUSE Automatic unless jointly waived.
SURVIVOR BENEFITS
Those electing option have
annuity reduced by 2.5s of the
initial X3,600 in annual benefits
and by 10= of the remainder.
Payment to surviving spouse is
half of the unreduced annuity.
N. PRE-RETIREMENT SPOUSE Any age with 18 months of
SURVIVOR BENEFITS service.
The same benefit that would be
payable to a surviving spouse of
a retired employee.
O. MINIMUM SURVIVOR The minimum surviving spouse's
BENEFITS (Pre- and benefit is no less than the
Post-Retirement) lesser of:
(a) the benefit payable under
CSRS or
(b) the projected combined
CSSRS and social security
benefit that would be
payable to the widow(er)
at age 60.
less
social security
Annual benefit of X2,800
increased by future CPI growth,
and fully offset for the
children's portion of any social
security benefit. Benefits paid
until age 18 for a child not in
school and until age 22 for a
child in school. Benefits are
continued after age 22 for a
disabled child.
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Same as in CSRS except that
credit ie not allowed for unused
sick leave.
II. VOLUNTARY CAPITAL
ACCUMULATION PLAN
A. ALLOWABLE EMPLOYEE
CONTRIBUTIONS
B. GOVERNMENT MATCHING
CONTRIBUTIONS
Up to 10~ of pay to thrift plan.
For each $1 contributed by
employee up to 6s of pay,
Government contributes X0.50.
Full and immediate vesting of
government matching
contributions.
Employees may choose to invest
their contributions in any of
six investment vehicles provided
in the Capital Accumulation
Plan.
Government contributions are
invested in Treasury securities
for the first five years of the
Capital Accumulation Plan.
After this period, Government
.contributions may be invested in
any of the investment vehicles
as elected by the employee.
Current employees may not elect
into CSSRS. They may
participate in the Capital
Accumulation Plan, but do not
receive Government matching
contributions.
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III. SOCIAL SECURITY
A. OLD AGE, SURVIVORS, AND All affected employees covered.
DISABILITY INSURANCE
B. EMPLOYEE CONTRIBUTION Employee contribution of 5.7s of
pay (6.061 in 1988; 6.2; in
1990) for OASDI coverage, up to
maximum taxable wage base
(39,600 in 1985.)
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Age 55 with 30 Years of Service
Total Potential Retirement Benefits
loop --~- --- - - - -- -- ----------- - -- - -----.----
I
soy
eon
~ '~
70lK -~
60~ ~ \ ~~. ~~~~ II
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~ ~ i / ,. j," ~ V ~..~~ ~t
30~ , `~ ',
., ~ .. ,~ ~
CSRS Ford-Oskar: $15K $30K $45K $60K $75K
PBNSION
Final Salary
? OASDI ~`~ CAS ;.
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100lK --
90~
1--
80SK -
ti
70% -,
ae
..
a~
.~
q
80~
..
~+
50SK
w
0
q
40~ _
~
,.
30%
I ,
~
l OAi
Age 62 with 30 Years of Service
Total Potential Retirement Benefits
CSRS Ford-Oakar: $15K
~ PENSION
~ --
$30K
r ~J
~1 OASDI
- r-
$45K
Final Salary
r~ CAP
$80K
$?5K
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