Attack on FERS

[Frixxxx]

Please Read This before Responding​

Maybe discuss if this is a good or bad idea?

Is it fair or unfair?

Fair

How good are our benefits compared to others in the private sector large companies, or other State, local governments?

The COLA is supposed to balance local conditions anyway. Adjusted to allow employees to obtain the same level as their equals in the private sector.

If there is a monetary imbalance preventing FERS to be fully funded, how much would you be willing to up your contributions to keep it if you were a new employee coming in under FERS?

The funding for retirement is supposed to be done WHILE the employee is also contributing to their retirement. Today's dollars invested for future use. This raises valid concerns on HOW FERS is funded. Is my retirement funded continually or @ time of retirement. Waiting for me to retire and THEN FUND IT is a recipe for disaster.

No "Obama this" or "Palin that". Should be OK to use Republican or Democrat in an occasional statement of fact if describing a politician directly related to this bill...but no slurs or slanders either way. No making it a Dem vs GOP issue. Goes double for me.

Can We Do This?

I believe that......"Yes We Can". (Oooops...almost messed up already.):embarrest:

@ no time did I bring a "P" discussion into answering these questions. It is possible for some to talk about investing and retirement without the "P" word.

Clearly, in California, pensions are broke.
http://sunshinereview.org/index.php/California_public_pensions
$100,000/year for school teachers retiring is a rockin' retirement! Wish I would see that!

I took a job here at $57K 3 years ago. I have twenty years experience with my field and a Master's Degree. (private sector dude next to me earns over $100K with just a bachelors and 10 years exp) I chose civil service, because I serve. I support the movement..I have not cried on my COLA loss this year, knowing I probably won't see an increase next year. If they contracted me, I would make more but cost the gov't more money! So, as I see it, I'm already sacrificing to save the government. Oh, and I am a AF reservist...Even with two government pensions, I will not see more than 50K a year in retirement years. Also, I will retire before the 1.1% numbers kick in, over my retirement years that will save taxpayers around $150K.

 

[James48843]

I could re-write the headline-

Senator Burr and Senator Coburn- knocking out one leg of the three-legged stool.

 

[crws]

Clearly, in California, pensions are broke.
http://sunshinereview.org/index.php/California_public_pensions
$100,000/year for school teachers retiring is a rockin' retirement! Wish I would see that!

Less than or equal to 1,500 in the whole system? 1%?
http://database.californiapensionreform.com/database.asp?vttable=calpers

I took a job here at $57K 3 years ago. I have twenty years experience with my field and a Master's Degree. (private sector dude next to me earns over $100K with just a bachelors and 10 years exp) I chose civil service, because I serve. I support the movement..I have not cried on my COLA loss this year, knowing I probably won't see an increase next year. If they contracted me, I would make more but cost the gov't more money! So, as I see it, I'm already sacrificing to save the government. Oh, and I am a AF reservist...Even with two government pensions, I will not see more than 50K a year in retirement years. Also, I will retire before the 1.1% numbers kick in, over my retirement years that will save taxpayers around $150K.

EXACTLY! Pick up your pat on the back at the nearest self-service reach around.
I'd give you one (a pat on the back that is, you'll have to get your reach around on your own) and shake your hand, but I'm a few states away.

I must add, it seems it is open season on all public servants these days, here is the latest salvo I haven't seen mentioned here yet,
but since pensions/retirement are at least partly negotiated by unions, and cross platformed in equality throughout the GS system, I think it is relevant to note:

EXCLUSIVE: DeMint Tells ThinkProgress He Wants To Strip All Federal Employees Of Collective Bargaining Rights

(yes, it's a "liberal" rag, so what. I'm concerned about your future and mine, doesn't matter to me what party you identify with.
This type of trash talk is bad for all of us in the public sector when misinformation convinces your neighbors you're the reason the country is broke )

 

[ArchAngel]

I do know that law enforcement and fire get much larger pensions, often by milking OT like crazy the last year of service to skew their pension calculations.

How I wish this were true. Believe it or not, there are some of us in the federal system that carry firearms and other toys, wear ballistic vests, have statutory arrest authority, have a badge and credentials and wear a uniform that say POLICE all over them - yet we are not considered law enforcement officers for pay and retirement purposes. No 6c coverage for us...lame.

Hmmm, the guy that wanted to kick my ass sure thought I was a cop. :suspicious:

 

[ArchAngel]

We're in a similar situation. We work and train with the city, county and state guys all the time and have a good working relationship with them. Kinda sucks being the lowest paid of the bunch though. We make almost $1,000 a month (yes, month) less than the next lowest paid LEO in our area. So much for the disparity between us overpaid GS-6 government employees and the private sector.

 

[crws]

We're in a similar situation. We work and train with the city, county and state guys all the time and have a good working relationship with them. Kinda sucks being the lowest paid of the bunch though. We make almost $1,000 a month (yes, month) less than the next lowest paid LEO in our area. So much for the disparity between us overpaid GS-6 government employees and the private sector.

I'd give you the same pat on the back and handshake I'd give Frixxx, if that makes you feel any better-

 

[clester]

I think something like this is inevitable. My brother is in private sector and has no pension but gets 15% matching funds.

But, they need to match about 15% of TSP. Just eliminating pensions is not going to fly. Maybe Congress should be on FERS plan. Then they might change their tune.

I would hate to think that my retirement was totally tied to the corrupt wall street crowd though.

 

[James48843]

Maybe Congress should be on FERS plan. Then they might change their tune.

.

Congress IS on the FERS plan, and has been since the Federal Government moved from CSRS to FERS for Congress members first elected after January 1, 1984.

Details:

http://www.senate.gov/CRSReports/crs-publish.cfm?pid='0E,*PLC8"@

 

[SkyPilot]

I hear you...and I was referring more to state and local agencies for fire/police pensions. I know quite a few of them...I like them personally, but when one guy who made 80K/yr his last 3 years works hundreds of hours of OT to make an extra 30K to make his final year salary 120K in order to make his pension 2/3rds of his final year...or basically 80K...his actual average salary the previous year. I was told its tradition for these guys to get handed first dibs on OT in their last ear for this sole purpose. That's bullshtien.

Federal pensions are based on hi-3 average of base pay. OT, Sunday Pay, Evening differential, etc., do not factor in to the calculations.
Law Enforcement, Firefighters and Air Traffic Controllers are calculated at a higher rate, but do not benefit as you have described otherwise.
http://www.plan-your-federal-retirement.com/fers-retirement.html

 

[James48843]

Actually, pension are based on hi-3 average of base pay. OT, Sunday Pay, Evening differential, etc., do not factor in to the calculations.
http://www.plan-your-federal-retirement.com/fers-retirement.html

You guys are talking apples and oranges.

FWM was talking about STATE workers-- High last year.

You are citing FEDERAL workers- High Three (Soon to be high five if the right gets their way, or no pension at all if Burr gets his way.)

Apples. Oranges.

 

[SkyPilot]

You guys are talking apples and oranges.

FWM was talking about STATE workers-- High last year.

You are citing FEDERAL workers- High Three (Soon to be high five if the right gets their way, or no pension at all if Burr gets his way.)

Apples. Oranges.

Glad you able to clarify for him.

 

[SkyPilot]

I hear you...and I was referring more to state and local agencies for fire/police pensions. I know quite a few of them...I like them personally, but when one guy who made 80K/yr his last 3 years works hundreds of hours of OT to make an extra 30K to make his final year salary 120K in order to make his pension 2/3rds of his final year...or basically 80K...his actual average salary the previous year. I was told its tradition for these guys to get handed first dibs on OT in their last ear for this sole purpose. That's bullshtien.

Just interested, which specific state and local agencies are you be referring to?

 

[SkyPilot]

Not happy that some workers could still retire with dignity, lawmakers have introduced a new bill that would reduce FERS into a retiremnt system that is worse than Burger Kings retirement...by eliminating the 1%/yr computation for the reduced federal annuity portion.

What would be the Burger King retirement that FERS would compare unfavorably to? Is it because they match the first 6% and FERS is only 5%?

 

[James48843]

What would be the Burger King retirement that FERS would compare unfavorably to? Or is this just a kind of political sarcasm?

Burger King offers 6% on their 401(k) matching, and allows you to save up to 50% of your salary in the 401(k) plan.

Source:
http://bkcareers.com/benefits.aspx

They also offer:

<LI jQuery1301491968755="68">Medical Medical

Here in the Kingdom, we know it’s important to be healthy and happy! That’s why Burger King Corporation (BKC) offers three great medical plan options to choose from. Each comes with 100% coverage for important preventive care and a health fund account to help you pay for covered health care expenses today or in the future, even at retirement. Now that’s royal treatment!

<LI jQuery1301491968755="69">Dental Dental

Without healthy teeth, how are you supposed to enjoy a delicious WHOPPER® sandwich? Our dental plan covers cleanings at 100%. It also covers basic and major dental services as well as orthodontia coverage for you and your eligible dependents. Now that’s something to smile about!

<LI jQuery1301491968755="70">Vision Vision

The Vision Plan provides insurance coverage for eyeglasses, contact lenses, and even discounts on Lasik laser vision correction surgery. Can you see yourself working for the King now?

<LI jQuery1301491968755="71">Flexible Spending Accounts (FSA) Flexible Spending Accounts (FSA)

Take advantage of a Health Care and/or Dependent Care FSA which lets you set aside tax-free money to pay for certain health and/or dependent care expenses. That’s because what you put into your FSA comes out of your paycheck before taxes are applied. And who wouldn’t want to pay less taxes?

<LI jQuery1301491968755="72">Disability Disability

BKC provides benefits like short-term disability coverage at no cost to you. You even have the option to buy long-term disability coverage, providing you with income replacement if your disability exceeds the short-term period. These plans can provide peace of mind, which is priceless.

<LI jQuery1301491968755="73">Life Insurance Life Insurance

When you work at BKC, you’ll get basic life coverage equal to 1x your pay at no cost, with the option to buy up to 5x more coverage at competitive group rates. Dependent life insurance for your spouse/domestic partner and child(ren) is also available.

<LI jQuery1301491968755="74">Business Travel Accident Insurance Business Travel Accident Insurance

Up to 5x pay is also provided by BKC for at no cost to you for business travel related accidents.

<LI jQuery1301491968755="75">Domestic Partner Benefits Domestic Partner Benefits

You are eligible to enroll your same or opposite sex domestic partner in our medical, dental, vision and life insurance plans.

<LI jQuery1301491968755="76">401(k) Savings Plan 401(k) Savings Plan

Save up to 50% of your pay through the Burger King 401(k) Savings Plan. And, to help you jumpstart your savings, how does a dollar for dollar match on up to 6% of your pay sound?

<LI jQuery1301491968755="77">Paid Time Off Paid Time Off

Working here is fun, but let’s face it, we all need a little time off. That’s why BKC offers a competitive paid time off program including up to 5 weeks vacation, paid company holidays and two personal days a year.

<LI jQuery1301491968755="78">Tuition Assistance Tuition Assistance

To help you further your education for job or career development, we offer Tuition Assistance of up to $5,250 per year for an undergraduate degree and up to $10,000 per year for graduate and post-graduate degree programs.

<LI jQuery1301491968755="79">Employee Assistance Program (EAP) Employee Assistance Program (EAP)

The Employee Assistance Program offers 24/7 access to resources and helpful information designed to assist you and your family with issues such as childcare, work-life balance, eldercare, financial matters, etc. Now that’s royal help!

<LI jQuery1301491968755="80">Adoption Assistance

They are hiring right now too.

 

[Mcqlives]

Just interested, which specific state and local agencies are you be referring to?

Illinois has more than you can imagine where this happens. Plus, no state income tax on retirees, paid medical for the state police and they no longer pay into their retirement...this makes for about a 120% of their last year for take home.

 

[SkyPilot]

Illinois has more than you can imagine where this happens. Plus, no state income tax on retirees, paid medical for the state police and they no longer pay into their retirement...this makes for about a 120% of their last year for take home.

Wow... wouldn't want to live in Illinois and pay their taxes though... Make the money and run to South Dakota for retirement

 

[Frixxxx]

Wow... wouldn't want to live in Illinois and pay their taxes though... Make the money and run to South Dakota for retirement

That's just sick!:laugh:

 

[crws]

Burger King offers 6% on their 401(k) matching, and allows you to save up to 50% of your salary in the 401(k) plan.

Source:
http://bkcareers.com/benefits.aspx

They also offer:


They are hiring right now too.

http://www.youtube.com/watch?v=QFQyib5ZQZY

 

[Birchtree]

I believe that Burger King is now owned by a private equity firm and they probably need the write offs to reduce their tax burden. They offer good up front benefits but the vesting period probably knocks a lot of the lower eschelon employees out over time. It's best to own a franchise.

 

[brooksmd]

All those benies at BK sound good. With what they pay how many of their employees do you think partake? You know the after school employees aren't, and anybody working there with a family probably isn't in a position to contribute to a retirement plan or even pay their share of the health, vision or dental plans. They're working for as much extra income as possible.