I’ve just brought this site back from obscurity and into the blog format, and the page views and advertising responses have been gratifying. Since we so far seem to be doing something right, I’ve decided to outline where we intend to go over the next few weeks:Before we can get into any of the technicalities regarding CSRS, FERS and the many flavors of the militray retirement plans and benefits, we need to establish the general types of retirement plans that are out there. Here’s a brief list:
Individual Retirement Plans:
* Basic IRAs: An IRA is an individual retirement account, it is not started through a business.
* Roth IRAs: Roth IRA was born on January 1, 1998, as a result of Taxpayer Relief Act of 1997. It is named after former Senator William V. Roth, Jr. A Roth IRA is similar to a traditional IRA except that the original contribution is not tax deductible.
Employer-Sponsored Retirement Plans:
* Defined Benefit Plans (DB): A defined benefit plan promises the participant a specific monthly benefit at retirement.
- CSRS: Civil Service Retirement System
- FERS: Federal Employees Retirement System
- Military Retirement Systems
- Active Duty Plans
- Reserve Component Plans
* Defined Contribution Plans (DC): In DC plans, the employee or the employer (or both) contribute to the employee’s individual account under the plan.
- 401(k) Plans: 401(k) employer-sponsored retirement plan
- SIMPLE Plans: Saving incentive match plan
- ESOP Plans: An Employee Stock Ownership Pla
- Money Purchase Pension Plans: A Money Purchase Pension Plan
- SEPs: A simplified employee pension (SEP)
- FERS: Federal Employees Retirement System
- TSP: Thrift Savings Plan
Additional Federal and State government benefits
- FEGLI: Federal Employee’s Government Life Insurance
- FEHB: Federal Employee’s Health Benefits
- Sick Leave
- Annual Leave
Related posts:
- Proper valuation of pension plans
- Investing for your Retirement
- FERS, the Background and Nitty Gritty
- Just What is the TSP?
- When The 62nd Birthday Blows Up In Your Face
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