[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]Pension envy refers to an individual wishing they could swap their retirement plan with other employees in the office for one reason or another. Would you say that you have a touch of pension envy? If so, you’re not alone.
Many, if not the majority, of federal employees who are under the old Civil Service Retirement System (CSRS) have envy towards their workmates that are in the Federal Employees Retirement System (FERS). Majority of fed retirees have coverage under CSRS that was replaced in the mid-80s by FERS.
Many FERS employees would move to the CSRS program in a heartbeat if it was possible. Currently, some federal and postal employees are under FERS (that replaced CSRS) in the mid-1980s. Employees in 1987 were offered the choice to remain in CSRS or move to FERS.
- Also Read: Special Retirement Groups Face New Timelines—Don’t Miss Your Critical Retirement Window
- Also Read: FEHB Premiums Are Up—Here’s What You Can Do Without Losing Coverage
- Also Read: Forgetting to Elect a Survivor Benefit Can Leave Your Spouse Without a Penny
Together with saving the government the costs, FERS was designed for its portability. Most of the people signing up for government service jobs do not retire from their work, and that makes FERS portability better.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”34169″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row]