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Old 12-07-2016, 09:15 PM
 
Location: Seattle
1,744 posts, read 3,204,418 times
Reputation: 4057

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I retired last year from the State of Alaska. Based on my hire date, a portion of my wages and a matching employer contribution was made into a Supplemental Annuity Plan instead of contributions to Social Security during my employment. This certainly eases the effect of WEP. It would really suck to be under WEP and not have this available.
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Old 12-08-2016, 07:59 AM
 
Location: Boston
8,032 posts, read 2,333,592 times
Reputation: 5733
Just be happy you receive a defined benefit pension. They are becoming a thing of the past. I could work another 4 quarters to get a small SS check but the federal government sends me a monthly 9K pension check already.

A friend of mine with a similar 9K a month fed pension cuts grass at a golf course 7 months of the year and collects unemployment for the other 5. When is enough, enough?
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Old 12-08-2016, 10:28 AM
 
Location: Knoxville, TN
1,301 posts, read 604,678 times
Reputation: 2854
I worked for a few years for a local government where we did not pay into social security. I was not there long enough to earn a pension, so the windfall provision doesn't apply, BUT I knew I was not paying into social security. Those years are zeros in my earning history and that does impact my future social security amount. I think most people are glad, at the time, that they are not having social security deducted from their paychecks. It seems a bit disingenuous to cry "foul" later when it impacts your benefits.
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Old 12-08-2016, 01:47 PM
 
Location: Colorado
931 posts, read 505,775 times
Reputation: 1025
Correct me if I'm wrong but don't a lot of city and county workers receive a very healthy pension. My military pension is only about 25% of the pay I was earning.
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Old 12-08-2016, 05:36 PM
 
79 posts, read 47,642 times
Reputation: 358
"Just be happy you receive a defined benefit pension. They are becoming a thing of the past. I could work another 4 quarters to get a small SS check but the federal government sends me a monthly 9K pension check already.

A friend of mine with a similar 9K a month fed pension cuts grass at a golf course 7 months of the year and collects unemployment for the other 5. When is enough, enough?"


My, how lovely for you and your friend. Nice of you to stop by and brag a little.
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Old 12-08-2016, 06:38 PM
 
Location: Grove City, Ohio
10,147 posts, read 12,415,507 times
Reputation: 13997
Quote:
Originally Posted by rothbear View Post
For those thinking they have been unfairly singled out, you need to read this column:

https://www.creators.com/read/your-s...curity-offsets

Basically it states that the WEP and GPO are just trying to level the field between all workers who get some kind of SS, whether it was from a job that you only worked 10 years, or one that you worked 45 years. You are not being "screwed", you are just being treated equivalent to workers who have worked their entire life at SS covered jobs.
WEP is fair. My wife got hit with it when she started to collect her benefit but it is still fair. In fact it is more than fair.

Just because I said that doesn't mean I like it.

My wife had a choice of whether to collect her social security ($600/month) or 50% of my FRA benefit when she turned 66 which was last April. My FRA benefit was $2,300 so she had a choice between $600 or $1,150 and the answer there was obvious.

For ten years and two days my wife worked in a public library and was vested in a pension and though it wasn't much she stated to receive around $440 at age 60. Not bad, nice found money every month.

From here $1,150 benefit they take Medicare Part B $105 which leaves $1,045. From the $1,045 two thirds of her pension ($440*.67=$295) is deducted from her SS benefit as well which gives her a monthly check of $750 and that is the amount she gets from SS. Add to that SS benefit the $440 pension and she gets $1,190 and add to that the $105 Part B her total combined benefit is $1,295. Any way you color it that is still $145 more every month than if she had never worked for government. As I told her we're farther ahead than if she would have worked outside government because she would, most likely, still been collecting 50% of my benefit.

She doesn't get the $440 because dental insurance for both of us is paid for through her plan so while we do pay dental premiums we never really see the money. And the dental? I've looked at other plans and it is by far the best one out there for the price.

Now here is the strange part. She has survivors on the pension plan and if something happens to her I would receive the pension without WEP. Go figure.
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Old 12-09-2016, 01:04 PM
 
Location: Knoxville, TN
1,301 posts, read 604,678 times
Reputation: 2854
Default Pensions

Quote:
Originally Posted by DrDog View Post
Correct me if I'm wrong but don't a lot of city and county workers receive a very healthy pension. My military pension is only about 25% of the pay I was earning.

Pensions are generally based on years of service and some calculation of highest average salary....sometimes averaged over 2 years, sometimes over 5 years, or anywhere in between. If you put in 30 years and spend your highest earning years in upper administration, you can collect a very nice pension. But I think the average state and local government pension is under $30,000 a year.
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Old 12-09-2016, 05:50 PM
 
6,692 posts, read 3,777,453 times
Reputation: 13815
Quote:
Originally Posted by Bureaucratic View Post
It has nothing to do with being fair. It's the law. Passed in 1983 by your representatives in Congress.
It's fair. He didn't contribute what others did over decades. It corrects a flaw in the calculation of benefits for long-term workers based on wages and contributions.
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Old 12-09-2016, 05:52 PM
 
6,692 posts, read 3,777,453 times
Reputation: 13815
Quote:
Originally Posted by unhappy with SS View Post
I retired after 18 years of civil service in Panama. I then worked for private agencies and retired at 66 years of age. When my social security amount was determined I was told that my SS would be adjusted with my pension and I would not get the full amount I earned working after my retirement for civil service. I was told that this was because of a double dipper rule that I could not collect both a pension and the full earned social security benefit for the years worked post civil service retirement. I accepted this but continue to wonder how this was fair. Can anyone clarify this for me? It doesn't seem like double anything when your SS time is based on the years of work outside civil service not added to the years of civil service.
Do you want to give up the civil service pension and get a larger SS amount, like someone who worked for 45 years and contributed to SS, as did their employers?

(You may have to kick in more contributions to get a larger SS check.)
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Old 12-10-2016, 09:00 AM
 
5,685 posts, read 5,952,682 times
Reputation: 4432
Quote:
Originally Posted by Mr5150 View Post
I receive full SS benefits with two govment pensions. Why you may ask? Because both govement jobs paid into SS. So the OP is not being screwed, but rather surprised. For one's pensions to not count against one's SS benefit those jobs had to have to have the employer and employee pay into SS
Thanks for the clarification. I was a little concerned. So I will be able to collect my full social security benefit and pension because I paid FICA. Congrats on the two pensions. I feel so lucky to be eligible for the one I will be receiving. Most employers today do not offer pensions. It is certainly a blessing.
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