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The Board grants credit under its retirement plan to newly hired employees with previous CSRS and FERS service if the employee renounces benefits under the previous retirement plan (to prevent dual credit).
In this situation, under current law, the employee would be placed under FERS with no credit for post-1988 Board service.
Under current law, an employee affected by the service credit problem could receive two pensions: the reduced pension from FERS and, if he or she had worked long enough to be vested, a pension from the Board.
But you won't find many of the FERS employees counting on Social Security.
The negative credit environment of the past two years has resulted in the lowering of the insurer financial strength ratings (FSRs) and FERs of many multiline insurers and reinsurers, adding greater uncertainty to multiline-wrapped deals.
Standard & Poor's introduced FERs in June 2000.
Today, both Standard & Poor's Structured Finance Ratings group and an investor purchasing a structured product supported by a policy provided by an insurer that has been assigned an FER should have the same level of comfort that a claim will be paid in full than if the policy were written by one of the monoline bond insurers," said Nancy Chu, a director in Standard & Poor's Structured Finance group and co-author of the criteria piece.
Finally, the funds will enable full-scale manufacturing of NECKSTAR FER and associated logistics, including storing, shipping and packaging.
NECKSTAR FER is composed of a sweat-absorbing material that conforms to the wearer's neck.