Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Second question, when the time comes, which is the best medical coverage to go for? I've tried looking all over but can't seem to find a listing of available options.
This is the part where for the hundred billionth time I want to go on record as stating that I have absolutely no clue how the ss offset is legal.
It's disgusting and evil
The offset which is equal to 1/2 of the Social Security collected in the prior example is because in addition to a worker paying into SS, the employer also has to pay the other half of SS which is an amount equal to what an employee pays in. The amount is about 15% (7.5%, 7.5%) so it is only fair (not evil) that an employer is allowed to more or less get a return on the SS it paid in for an employee. In the case of the DSNY pension: It is the other 1/2 of SS once the employee starts collecting it.
The offset which is equal to 1/2 of the Social Security collected in the prior example is because in addition to a worker paying into SS, the employer also has to pay the other half of SS which is an amount equal to what an employee pays in. The amount is about 15% (7.5%, 7.5%) so it is only fair (not evil) that an employer is allowed to more or less get a return on the SS it paid in for an employee. In the case of the DSNY pension: It is the other 1/2 of SS once the employee starts collecting it.
This is eight grade math and comprehension.
Pay 6.2%....which is all a deductible income tax expense....Then take 50% later....so now ss exists to give companies return on their investments that were supposed to allow people to retire?
Pay 6.2%....which is all a deductible income tax expense....Then take 50% later....so now ss exists to give companies return on their investments that were supposed to allow people to retire?
The pension money is from a city/DSNY fund.
The SS money is federal.
I think it all comes down to the city wanting some form of return on the half of an employee's SS that the city is required to pay to the federal government.
I think it all comes down to the city wanting some form of return on the half of an employee's SS that the city is required to pay to the federal government.
Yeah but we pay into our own pensions...city invests that money and currently is making damn near a billion in profits. They had to profit off social security too?
Yeah but we pay into our own pensions...city invests that money and currently is making damn near a billion in profits. They had to profit off social security too?
I still don't understand how a city worker could pay into their own pension and then not have a fixed amount to draw from (in an account) when they retire. How is it even mathematically possible to 'pay in' but then have the amount that is paid out be equal to the amount of years you live once retired. Like being able to collect the pension for 25 or 30 years after working for 20 years.
The city assumes a 5.4-5.7% return on the pension fund, or thereabouts, I forget the exact number. They got close to that number but they were still a couple tenths of a percent short the last year I checked, so I wouldn't exactly say they turn a profit on it. In the long run it will be insolvent at some point in the very distant future at this rate.
The city assumes a 5.4-5.7% return on the pension fund, or thereabouts, I forget the exact number. They got close to that number but they were still a couple tenths of a percent short the last year I checked, so I wouldn't exactly say they turn a profit on it. In the long run it will be insolvent at some point in the very distant future at this rate.
Nah they said they were making a profit for years. They also have everyone that dies, works until they're a billion years old etc etc so those entire pensions become pure profit for the city
Then even as you're drawing from your pension the rest is still there earning the city interest
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
