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States in Which Public Employees Are Not Covered by Social Security
Alaska
California
Colorado
Connecticut
Georgia (certain local governments)
Illinois
Kentucky (certain local governments)
Louisiana
Maine
Massachusetts
Missouri
Nevada
Ohio
Rhode Island (certain local governments)
Texas
Thats a lot of folks with pensions and no SS who would not be impacted and also who tend to have higher pensions because their governments had additional money for pension benefits. Imagine the teacher and public employee recruitment issues that could come up in the North East and South West! Heck forget about teachers what about skilled in demand state workers? Dang those states would look good compared to the private sector in some cases with high in demand workers.
That's still a limited number compared to FICA jobs.
And public sector workers in Texas are mixed. Other states may be as well.
I've worked in schools that opted for SS and others that have their own plan.
My father worked for the railroad and that has it's own plan.
The erosion in the corporate world over the years has made public sector work much better today. Better benefits and in some cases higher salaries.
States in Which Public Employees Are Not Covered by Social Security
Alaska
California
Colorado
Connecticut
Georgia (certain local governments)
Illinois
Kentucky (certain local governments)
Louisiana
Maine
Massachusetts
Missouri
Nevada
Ohio
Rhode Island (certain local governments)
Texas
Thats a lot of folks with pensions and no SS who would not be impacted and also who tend to have higher pensions because their governments had additional money for pension benefits. Imagine the teacher and public employee recruitment issues that could come up in the North East and South West! Heck forget about teachers what about skilled in demand state workers? Dang those states would look good compared to the private sector in some cases with high in demand workers.
Since I work in the "pension" area, I can say that a great majority of public sector jobs (except teachers) in California are FICA jobs. And the non-FICA jobs have pensions that are not significantly, if at all, more than the FICA jobs with pensions. In fact, I'll go so far as to say a very small percentage have pensions that are any different than the FICA job pensions.
They identify some other proposals - I did not list them all. I'm sure there are other perspectives on the alternatives, that happened to be the easiest for me to find. To me the big takeaway is that a combination of some relatively minor adjustments will keep the system solvent.
My full proposal would be find a way to transition away from SS to individually held accounts. That transition probably has to happen over quite a few years, and initially may involve people choosing to go one way or the other. I also think people already retired and those older than some age (50?, 55?) who are close to retirement age should be protected from significant changes since they don't have enough time to plan and react.
The fact that I am about to turn 60 has nothing to do with that perspective.
That's still a limited number compared to FICA jobs.
And public sector workers in Texas are mixed. Other states may be as well.
I've worked in schools that opted for SS and others that have their own plan.
My father worked for the railroad and that has it's own plan.
The erosion in the corporate world over the years has made public sector work much better today. Better benefits and in some cases higher salaries.
Agreed but with the Christie proposals wouldn't more opt in to no SS. Also it isn't total jobs but the sectors where non SS jobs are concentrated. Like public school teachers.
Since I work in the "pension" area, I can say that a great majority of public sector jobs (except teachers) in California are FICA jobs. And the non-FICA jobs have pensions that are not significantly, if at all, more than the FICA jobs with pensions. In fact, I'll go so far as to say a very small percentage have pensions that are any different than the FICA job pensions.
I would disagree having compared many public school pension benefits. It isn't just the formula for computing but also the salary that computation is applied to. If they were equal states listed would have trouble competing with their neighbors if their pensions were equal to their neighbors and their neighbors also got SS. Also have you compared the employee cost of pension/retirement contributions with and without SS. That is a very important benefit plan comparison. If you were in a high COLA area would you rather have what would be a combined pension SS contribution go to that when your SS might be reduced or have the amount not going to SS go to your 403b to increase that nest egg.
You know what could help SS become solvent again? Immigration reform. Because we need workers. When I began giving pre-retirement seminars in the early 1970's for SSA, there were 7 workers for each beneficiary. In 2012 there were 2.9. By 2030 it is projected to be 2. However, the system was solvent when there were 3 per beneficiary. So, the goal is attainable.
Folks, SS is a huge success story. It needs to be addressed, not by giving people less, but by finding revenue streams to strengthen it and expand it. A recent vote in the Senate got 42 Senators to expand SS. Having a benefit tied to your lifetime of work, payable until you die, increasing with inflation, covering your beneficiaries- all things the present system does, we need to fight to preserve it and fight like hell.
We also need a functioning Congress. Previous Congress's were able to institute major SS reforms that strengthened the system for decades. But Christie's idea is not the way to begin.
Agreed but with the Christie proposals wouldn't more opt in to no SS. Also it isn't total jobs but the sectors where non SS jobs are concentrated. Like public school teachers.
The smart ones might. Like I said.if I were 20 listening to this kind of talk and knowing I had 47 years to go then I'd be looking for a non FICA job.
The smart ones might. Like I said.if I were 20 listening to this kind of talk and knowing I had 47 years to go then I'd be looking for a non FICA job.
That's my point and the smart ones are the teacher candidates everyone wants. It is a topic easily evaluated in interviews. Everyone talks about financial literacy so who clamors for teachers who can't figure their own out.
That's my point and the smart ones are the teacher candidates everyone wants. It is a topic easily evaluated in interviews. Everyone talks about financial literacy so who clamors for teachers who can't figure their own out.
LOL....you just solved our need for education reform
Teachers may just become that prestigious job that the high academic achievers seek !
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