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GGD-85-31 1 (1985-02-13)

handle is hein.gao/gaobabexs0001 and id is 1 raw text is: BY THE U.S GENERAL ACCOUNTING OFF CE Report To The Chairman, Committee On Post Office And Civil Service House Of Representatives RELEASED Analysis Of Grace Commission Proposals To Change The Civil Service Retirement System The Commission recommended many changes to the civil service retirement system which it said would reduce costs and make the federal system comparable to private sector retirement programs. GAO agrees that private sector practices are one standard that can be used in evaluating the federal program and that, in many respects, the Commission's recommendations reflect pension plan features commonly found in the private sector. However, the Commission's proposals did not include a capital accumulation plan which is a major element of private sector retirement programs. Without such a plan, adoption of the Commission's recommendations would result in federal employees receiving lower benefits than are typically available to private sector employees. Moreover, for many of the recom- mendations, the Commission overstated the level of savings that could be achieved. 0 126229 1 GAO/GGD-85-31 FEBRUARY 13,1985