"The retirement system that is in place for members of Congress and other federal workers features what is known as the Federal Employment Retirement Plan"

The quote by Virgil Goode references the retirement system that is readily available to members of Congress and other federal staff members, specifically indicating what is referred to as the Federal Work Retirement Strategy. This statement seems to be a simplification or a mislabeling of the real retirement system in location for federal staff members, which is primarily comprised of 2 key elements: the Federal Worker Retirement System (FERS) and the Civil Service Retirement System (CSRS).

FERS is the retirement plan that a lot of federal workers, including members of Congress, are registered in if they were hired after 1983. It consists of 3 tiers: a Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP), which works similarly to a 401(k) plan. The mix of these elements intends to offer a well-rounded and sustainable retirement bundle. Members of Congress, like other federal workers, contribute to FERS and are eligible for pension advantages based upon their age, length of service, and contributions.

On the other hand, the CSRS is an older strategy that uses to federal staff members who began their service before 1984. It is a defined advantage strategy that does not include Social Security advantages for covered employees, as it was developed before Social Security ended up being linked with federal retirement strategies.

It is crucial to note that regardless of public understandings, the retirement plans for members of Congress are not as elegant as some might believe. They are broadly in line with retirement advantages for federal staff members and do require contributions from the members themselves.

The quote, perhaps incorrectly or rhetorically, utilizes the term "Federal Employment Retirement Plan", which may not line up with the main terminology (FERS and CSRS) however underscores the reality that there exists a structured retirement system for federal workers, intended to protect their retirement through a planned mix of advantages. Understanding this context is crucial for appreciating the mechanics and philosophy behind retirement advantages for federal employees, consisting of legislators.