Employee pension plans the federal bureau of prisons

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Employee Pension Plans The Federal Bureau of prisons offers employees a retirement package, medical, dental, and long term care insurance. In 1986 Congress created the Federal Employees Retirement System (FERS). FERS covers Federal civilian employees who have retirement benefits. “FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP)”. The Basic Benefit and Social Security parts of FERS require the employee to contribute a percentage of their salary each pay period. In turn the agency will contribute a specified percentage towards the employee retirement fund. Once eligible to retire, annuity payments will be received each month for the rest of the employee’s life. Eligibility for retirement is determined by and employees age and years of creditable service to the organization. The agency gives employees a chart to follow in which they can determine their eligibility for retirement. For example, if an employee is 62 and has been working for the agency five years he/she is eligible to retire. Lastly, the agency also has other retirement policies such as early retirement and deferred retirement. To e eligible for early retirement one must have
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Running Head: Analysis of the Agency’s Policies, Procedures, and Plans Regarding Unions, worked for the agency 25 yrs and can be any age. Deferred retirement is when there is a delay in payment of benefit until criteria are met. For example if one leaves Federal service before age and service requirements are met for the immediate retirement benefit. One can elect to have the agency hold their retirement until they reach retirement age. Federal employees are also fortunate to have their investments protected by law. Even if the organization would like to file bankruptcy the monies owed to the retirees would still be intact. The current downfall of the economy demonstrated that employees are the first in jeopardy when companies are facing spending cuts or declaring bankruptcy. Even though private sector employees appear to make more money than public sector employees, public sector employees have a greater sense of security than private sector employees. Productivity and Performance Evaluation Public sector employees have a goals and objectives to meet just like any other form of employment. In the private sector employee evaluations may be determined by how much revenue the organization generates or customer service evaluations. The BOP is quite different in the fact that it does not necessarily have customers or have a main goal of generating revenue.
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  • Winter '12
  • terrell
  • Trade union, Federal Bureau of prisons, Independent agencies of the United States government, Agency’s Policies

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