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50 | 2005 Annual Report United States Postal Service
Notes to the financial statements
Savings Plan, which is a defined contribution retirement
savings and investment plan. Postal Service employees
are authorized to participate in the Thrift Savings Plan by
the Federal Employees Retirement System Act of 1986.
The Plan is administered by the Federal Retirement Thrift
Investment Board.
CSRS
Under the Postal Reorganization Act, officers and career
employees hired prior to January 1, 1984 are covered by
the Civil Service Retirement System, which provides a ba-
sic annuity toward which we and the employee contribute.
We do not match contributions to the Thrift Savings Plan
for employees who participate in the CSRS.
Dual CSRS
Employees with prior U.S. government service who were
hired between January 1, 1984, and January 1, 1987,
are covered by the Dual Civil Service Retirement System/
Social Security System, which consists of a basic annuity
and Social Security. We and the employee contribute to
Social Security and the basic annuity at the rate prescribed
by law. We do not match contributions to the Thrift Savings
Plan for employees who participate in the Dual System.
FERS
Effective January 1, 1987, officers and career employees
hired since December 31, 1983, except for those covered
by the Dual System, are covered by the Federal Employees
Retirement System Act of 1986. In addition, employees
hired before January 1, 1984, could choose during certain
periods in 1987, 1988 and 1998 to participate in the
FERS. This system consists of Social Security, a basic an-
nuity plan, and a Thrift Savings Plan. We and the employee
contribute to Social Security and the basic annuity plan at
the rate prescribed by law. In addition, we are required to
contribute to the Thrift Savings Plan a minimum of 1% per
year of the basic pay of employees covered by this system.
We also match a voluntary employee contribution up to 3%
of the employee’s basic pay, and 50% of a contribution
between 3% and 5% of basic pay.
Employer and employee base contributions, as a percent-
age of employee basic pay, are as follows for each of the
three plans for 2005, 2004, and 2003:
2005 2004 2003
CSRS
Employer 17.4 17.4 17.4*
Employee 7.0 7.0 7.0
Dual CSRS
Employer 18.0 18.0 18.0
Employee 0.8 0.8 0.8
FERS
Employer 11.2 10.7 10.7
Employee 0.8 0.8 0.8
*As of May 2003, P.L.108-18 changed our employer base contribution level for
CSRS from 7.0%.
The number of employees enrolled in each of the
retirement plans at the end of 2005, 2004, and 2003 is
as follows:
2005 2004 2003
CSRS 171,958 188,670 211,913
Dual CSRS 8,640 9,238 10,122
FERS 524,118 509,577 505,728