Federal Employees’ Retirement System: Budget and Trust Fund Issues

Retirement annuities for civilian federal employees are provided mainly through two programs: the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). These annuities are financed through a combination of employee contributions and payments made by the federal government to the civil service retirement trust fund. This report discusses the two programs, how they work, and how they are financed