cost of state pensions: $1 trillion

[Mursilis]

Ahh yes it is. You need 40 credits to get SS. To get credits you have to pay into SS over a set period of time. CSRS people at the Fed level did not pay into SS so they do not get SS when they retire.

True, but CSRS has been a closed system for over 20 years. You'd have had to have started your federal career before 1/1/87 to be in that system.

 

[Nemesis 1]

Pensions have and always will be considered part of employee pay plan . Even tho I fought against this years ago the Members were to blind to see the trueth . The pensions are a lie and it was intended as such from the big corperations . The workers takes it in the ass once again .

If you have $100 dollars a week you can save . Would you give its to a stranger to take care of it for you until you retire? Only if your an idiot.

 

[Vette73]

True, but CSRS has been a closed system for over 20 years. You'd have had to have started your federal career before 1/1/87 to be in that system.

YOu said that you did not need to pay SS and could still get it. That is false at the Fed level. I am A fed employee and pay SS.

 

[BlahBlahYouToo]

The cost of SS is more. So cancel SS.

im ok with this too.

 

[Mursilis]

YOu said that you did not need to pay SS and could still get it. That is false at the Fed level. I am A fed employee and pay SS.

You misread what I wrote.

 

[Vette73]

You misread what I wrote.

Originally Posted by piasabird http://forums.anandtech.com/showthread.php?p=29873340#post29873340
Well if you work for the government and dont pay SS there is also a penalty you pay where you can not receive full SS when you retire.

You wrote: "Maybe true at the state and local level, but not the federal level."

Again, that is false. CSRS does not pay SS and does not get SS. FERS pays SS and can get SS.

 

[Mursilis]

Originally Posted by piasabird
Well if you work for the government and dont pay SS there is also a penalty you pay where you can not receive full SS when you retire.

You wrote: "Maybe true at the state and local level, but not the federal level."

Again, that is false. CSRS does not pay SS and does not get SS. FERS pays SS and can get SS.

Note that in my original post I hightlighted "don't pay SS" - that's the part I said wasn't true at the federal level.

 

[LTC8K6]

http://www.washingtonexaminer.com/o...n-pension-bailout-94828874.html#ixzz0osHnq1jn

 

[Zargon]

ugh

 

[Patranus]

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

It’s hard to say at the moment what the chances are that the bill will pass. A hearing is scheduled Thursday, which will give the public a sense of where political leaders sit on the topic, said Willis.

Just last week President Obama said there would be no more bailouts.

http://www.foxbusiness.com/personal-finance/2010/05/24/lawmaker-introduces-b-union-pension-bailout/