Meaning: The quote you have provided refers to the retirement system for members of Congress and federal workers, which is known as the Federal Employment Retirement Plan (FERS). This system is a significant aspect of the benefits and compensation package provided to federal employees, including elected officials and civil servants. The quote is attributed to Virgil Goode, a politician who has likely spoken about the retirement benefits and plans available to members of Congress and federal workers.

The Federal Employment Retirement Plan (FERS) is a defined benefit retirement plan that covers federal employees, including members of Congress. It was established as part of the Civil Service Retirement System (CSRS) Reform Act of 1986 and replaced the older CSRS for federal employees hired after 1983. FERS provides benefits based on the employee's years of service, salary history, and retirement age, aiming to ensure financial security for federal workers after they leave government service.

As a defined benefit plan, FERS guarantees a specific benefit upon retirement, which is calculated based on a formula taking into account the employee's years of service and highest average salary. This provides a level of predictability and security for federal employees in planning for their retirement. Additionally, FERS includes contributions to the Thrift Savings Plan (TSP), which is a defined contribution plan that allows employees to save for retirement through tax-deferred contributions and investment options.

The retirement system for members of Congress is an important aspect of their overall compensation and benefits package. However, it is essential to note that the retirement benefits for members of Congress have been a topic of public scrutiny and debate. Critics have raised concerns about the perceived generosity and sustainability of the retirement benefits provided to elected officials, especially in comparison to those available to the general federal workforce.

It is worth noting that the retirement benefits for members of Congress and federal workers are subject to legislative oversight and periodic adjustments. The structure and provisions of FERS, including the retirement benefits for members of Congress, may be modified through legislative action to address evolving economic, fiscal, and public policy considerations.

In summary, the retirement system referenced in the quote is the Federal Employment Retirement Plan (FERS), which provides defined benefit retirement benefits to federal employees, including members of Congress. This system is designed to ensure financial security for federal workers in their retirement years and is a significant component of their overall compensation and benefits package. However, the retirement benefits for members of Congress are subject to public discussion and legislative oversight, reflecting the ongoing dialogue surrounding federal employee compensation and retirement security.