A study compared the compensation packages offered to private sector and Federal white-collar employees. The conclusions drawn in the study were based on data from previous and ongoing research conducted by the General Accounting Office (GAO). Analysis of these data revealed that whereas the Employment Cost Index has shown a cumulative increase of 65.5 percent for the third quarter of 1977 through the last quarter of 1984, Federal white-collar pay experienced a 44.5 percent cumulative increase. The civil service retirement system is the sole source of retirement income available from employees hired before January 1984. Retirement programs for persons in the private sector, on the other hand, typically consist of three parts: social security, a pension plan, and a capital accumulation plan. Private sector employees typically pay a greater portion of their medical insurance than do Federal workers; however, they are also reimbursed for a greater portion of their medical expenses as well. Private sector employees enjoy greater life insurance benefits than do Federal employees. With respect to holidays and sick leave, the Federal employees generally have one less holiday each year, a more generous annual leave, and less available sick leave than do their private sector counterparts. (MN)