Pay and Benefits

Social Security offers a comprehensive benefits program that you can customize for your individual medical and financial needs. In addition to traditional "dollars and cents" benefits, we offer a range of benefits to help you balance life with Social Security to life outside of work.

Most Social Security employees are paid according to the General Schedule (GS) Classification and Pay System. Because the cost of labor differs throughout the country, your salary may differ, depending on your work location. The Office of Personnel Management publishes current GS and Locality Pay Tables. Some professionals, including entry-level IT professionals, are paid special salary rates.

New Federal employees participate in the Federal Employees Retirement System--a comprehensive contributory retirement program. In addition, employees are eligible to contribute to the Thrift Savings Plan (TSP), similar to the 401(k) offered in the private sector. Under the TSP, employees may contribute any dollar amount or percentage of their basic pay. However, the annual dollar total cannot exceed the Internal Revenue Code limit, which is $16,500 for 2009. In addition to your contribution, Social Security will help your nest egg grow with an up to 5% matching contribution. Additional details are available on the TSP website.

Social Security will provide affordable health insurance for you and your family. Depending on your work location, you will have the opportunity to choose between several fee-for-service, health maintenance organization (HMO), and point-of service (POS), High Deductible (HDHP) and Consumer-Driven (CDHP) health plans--a menu of choices unmatched in the private sector.

Flexible Spending Accounts (FSA), sometimes referred to as cafeteria plans, allow you to set aside money, on a pre-tax basis, for certain kinds of out-of-pocket health and dependent care costs. With an FSA, you can reduce your taxes while paying for services you would have to pay for anyway. FSAs allow for a maximum annual contribution of $5,000 for reimbursement of certain health care and dental expenses and $5,000 for reimbursment for eligible dependent care expenses.

Supplemental dental and vision insurance is available to employees and eligible dependents. Depending on where you live, you can choose from among seven dental plans and three vision plans. Premiums are withheld from your salary on a pretax basis.