Is FERS a defined contribution pension plan? The FERS Basic Benefit Plan is a defined benefit plan for federal employees hired after December 31, 1983. Federal agencies contribute funds to FERS on behalf of employees, in an amount defined by law.
Is a FERS pension a qualified retirement plan? For IRS purposes, is my pension from OPM a "qualified" or "non-qualified" plan? The CSRS, FERS, and TSP annuities are considered qualified retirement plans.
The fact that no one else has mentioned it does not surprise me, as unless you qualify for it, you likely would not know about it. I first started federal employment as a firefighter in the 70's, so was enable to enroll in CSRS, which is a very generous program. When FERS came to be in 1983, they tried to get us all to convert to it, but since CSRS was a defined benefit with a guarantee, I successfully resisted so now I get a substantial pension that is several multiples of SS. The amount is based upon the high-3 of your income while employed, and I climbed the ladder to a point where I nearly get what I was getting while employed.
Actually, his balance would lie in what is called the Thrift Savings Plan (TSP) which is a 401k type fund in which the government gives you 5% of your salary into an account, and if you wish you can put pre-tax money into it and the gov matches it up to a certain level, I think it is 15%.
That is why he is bullshitting if he says he has no assets.
Market Data 
Markets 
AI
