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Old 01-04-2015, 12:47 PM
 
8,199 posts, read 11,915,499 times
Reputation: 17994

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Quote:
Originally Posted by MotleyCrew View Post
If only the good congresspeople and senators would gut their retirement packages......They all are overpaid in my opinion and not one person serving a two year term is qualified for retirement for life. This has to change.
Where did you ever come up with the idea that they did qualify for retirement based on a single two-year term?

Retirement benefits for Members of Congress are no different than certain other federal employees such as air traffic controllers or law enforcement personnel. Their retirement eligibility and benefits are based on a combination of their age, years of service, and salary. For example, as with the occupations named above, if they are covered by CSRS, they can retire at age 50 or later with 20 years of service at 50% of their high-3 annual salary. They would get 2.5% added to their salary for every year above 20. If they're covered by FERS, they would receive 34% after 20 years and then 1% for each year in addition to 20. Of course, like all other federal employees, if they came to federal service late in life, they can retire at age 62 or later with only 5 years of service, but their annuity would be reduced accordingly.
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Old 01-04-2015, 04:17 PM
 
48,516 posts, read 83,943,432 times
Reputation: 18050
Its not that the subject of pensions in trouble hasn't known for decades tho. Often the pensioners went along with robbing Peter to pay Paul as long as it look it would prolong the crisis; hoping they would get their ;sadly. But the when you look a significant numbers of private and public did make reforms and are not in trouble. that was clearly point out on states in the State of the States congressional hearings. If it sounded to good to be true as always.
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Old 01-04-2015, 04:51 PM
 
Location: Staten Island
1,653 posts, read 1,795,213 times
Reputation: 2353
Quote:
Originally Posted by MadManofBethesda View Post
The Post Office doesn't run its own pension system, so there's no issue there.
Who runs it the Federal Government?
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Old 01-04-2015, 05:37 PM
 
Location: Wisconsin
21,539 posts, read 44,018,537 times
Reputation: 15140
The USPO issue is retiree health benefits. In 2006, Congress required the USPS start making up the underfunding. USPS was able to make catchup payments until the 2008 recession hit - and its revenues haven't been the same since.

Quote:
Since 2006, the Post Office has been legally required to pre-fund health benefits for future retirees at a cost of around $5.5 billion a year. For the first time last year, it defaulted on its annual payment.

Post Office's Real Fiscal Problem: Pre-Retiree Health Benefits | TIME.com
Or this:

GAO calls on Postal Service to prefund retiree benefits - The Washington Post

And, other google searches on the issue:

https://www.google.com/search?q=why+...utf-8&oe=utf-8

The Postal Workers Union feels the payments required are unnecessarily and unusually aggressive, which is causing the [misleading] doom & gloom hyperbole about an imminent financial collapse.

Postal rep on C-Span a week or so, ago:

Washington Journal Mark Dimondstein 2015 Postal | Video | C-SPAN.org

I suspect the truth is probably somewhere in the middle.
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Old 01-04-2015, 06:20 PM
 
8,199 posts, read 11,915,499 times
Reputation: 17994
Quote:
Originally Posted by MadManofBethesda View Post
The Post Office doesn't run its own pension system, so there's no issue there.
Quote:
Originally Posted by The Thomas J View Post
Who runs it the Federal Government?
Postal employees are covered by the same retirement systems as other federal employees. Retirement programs come under the jurisdiction of the U.S. Office of Personnel Management (OPM) and all retirement funding is administered by OPM. Regardless of which agency an employee works for (DOJ, Treasury, Homeland Security, Post Office, etc.), the employees' retirement deductions and matching agency contributions go to OPM. Then, when employees are ready to retire, they submit their retirement applications to OPM and all benefits are calculated and paid by OPM.
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Old 01-04-2015, 07:36 PM
 
Location: Staten Island
1,653 posts, read 1,795,213 times
Reputation: 2353
Quote:
Originally Posted by MadManofBethesda View Post
Postal employees are covered by the same retirement systems as other federal employees. Retirement programs come under the jurisdiction of the U.S. Office of Personnel Management (OPM) and all retirement funding is administered by OPM. Regardless of which agency an employee works for (DOJ, Treasury, Homeland Security, Post Office, etc.), the employees' retirement deductions and matching agency contributions go to OPM. Then, when employees are ready to retire, they submit their retirement applications to OPM and all benefits are calculated and paid by OPM.
So are the retirees safe from this new pension gouging bill?
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Old 01-04-2015, 07:37 PM
 
Location: Staten Island
1,653 posts, read 1,795,213 times
Reputation: 2353
Quote:
Originally Posted by Ariadne22 View Post
The USPO issue is retiree health benefits. In 2006, Congress required the USPS start making up the underfunding. USPS was able to make catchup payments until the 2008 recession hit - and its revenues haven't been the same since.

Or this:

GAO calls on Postal Service to prefund retiree benefits - The Washington Post

And, other google searches on the issue:

https://www.google.com/search?q=why+...utf-8&oe=utf-8

The Postal Workers Union feels the payments required are unnecessarily and unusually aggressive, which is causing the [misleading] doom & gloom hyperbole about an imminent financial collapse.

Postal rep on C-Span a week or so, ago:

Washington Journal Mark Dimondstein 2015 Postal | Video | C-SPAN.org

I suspect the truth is probably somewhere in the middle.
The congressmen who are pushing these postal payments are said to want the post office to go away so it can be privatized. Who knows how true that is, and if it is what a massive undertaking to make it happen.
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Old 01-04-2015, 07:38 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Quote:
Originally Posted by The Thomas J View Post
So are the retirees safe from this new pension gouging bill?
This bill only addresses private multi employer pensions.
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Old 01-04-2015, 07:39 PM
 
Location: Staten Island
1,653 posts, read 1,795,213 times
Reputation: 2353
Quote:
Originally Posted by HappyTexan View Post
This bill only addresses private multi employer pensions.
Ok, thanks for clearing that up.
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Old 01-04-2015, 07:45 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Seems a lot of folks didn't know about this pension change that flew under the radar.

Best pay attention to what is going on in DC else you might wake up one morning to see that Congress has cut your SS by 30% via some bill passed in the middle of the night.
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