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Employees hired after 1983 are required to be covered by the Federal Employees Retirement System (FERS), which is a three tiered retirement system with a smaller defined benefit (pension), Social Security, and a 401 (k) -style system called the Thrift Savings Plan (TSP).
Retirement Benefits. Retirement benefits, such as a 401(k) or sponsored retirement savings plan, are becoming an increasingly critical factor for job applicants.