6:18 am, May 22, 2015

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  • Who is correct...
    Tom McKinney
    The Congressional Research Service (CRS) issued a report on September 15, 2010 entitled "Federal Employees' Retirement System: Benefits and Financing" by Katelin P. Isaacs. This report stated: "At the start of FY2009, the Civil Service Retirement and Disability Fund (Trust Fund) had an (dynamic) unfunded liability of $674.2 Billion, consisting of a $673.3 Billion deficit for CSRS and a $0.9 Billion for FERS" see report summary.......... However, the Director, U.S. OPM wrote a letter to the U.S. Secretary of Treasury on September 27, 2010 stating: "...the CSRS retirement system had a static unfunded liability of $356.45 as of September 30, 2009.".........Here are the definitions per CRS: Dynamic normal cost of CSRS pensions includes the cost of financing future benefit increases that result from pay raises and COLA's provided to annuitants" and static normal cost is ..."the benefit that would be paid if employees received no future pay raises and annuitants received no future COLA's" see page 11............Then I emailed CRS and asked which amount should be used. The answer CRS gave me was: "CRS provides reasearch and analysis exculsively to the U.S. Congress". (at least I was given a response). Tom McKinney, Dunwoody, Georgia
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  • unfunded pension liability
    m
    Is that report available online? I will go look for it, since it sounds like it is so relevant. (The report focused on FERS, but referrenced CSRS?) I'm not sure what to make of "unfunded pension liabilities" where the federal government is concerned, since all of the federal government's pension liabilities are "unfunded," aren't they, except as they are "funded" by Treasury bonds. No "Social Security" lockbox, is there? There are no equities or other assets owned by any federal government pension fund, that is other than the government's own debt instruments, are there? (And if you want to know more about that CRS report, why don't you ask your question(s) through your Congressperson, for whom CRS works?)
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  • For CRS Report ID'd Above...
    Tom McKinney
    Please google: congressional research reports 98-810. click on search. There it is......You are correct about the $780 Billion reported being in the CSRDF funded by Treasuries. The other $673.3 Billion for us CSRS active and retired employees is called unfunded--underfunded pension liability. The U.S. OPM reports that the CSRS Pension Liability at September 30, 2010 is $1,139,900,000,000..........I would ask the congressperson to get the answer--however, I will need it by 4 March 2011. But thank you for the suggestion. Also, you are correct--there is no "Civil Service Retirement and Disability Fund" lockbox!! Tom McKinney
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  • Amazing
    pamela39934
    It's amazing that, instead of listening to the broadcast themselves, the White House had YOU do it. I would think with all the people there, one of them could do it themselves.
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  • We're supposed to be relieved?
    contrarian
    When private sector is getting 3-5% increases, after a couple years we could be looking at a 10% pay cut because of lack of COLAs. Especially since we all know prices are rising. Maybe Mike can get Hollywood to donate movie vouchers to Feds so we can afford to go watch movies since food and gas prices are skyrocketing?
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  • I understand completely....
    Govt Mule
    Of course no one in Congress considers the fact that we have families to support, pay taxes, and have to pay for food and gas like you said. Everybody knows when the price of food goes up, it hardly ever goes back down!! I'm not relieved by anything any politician has to say these days regarding my pay....the president and definitely NOT Congress.
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  • Private versus Public Sector Pay
    Celtic Wolf
    Most of my friends in the private sector either have had their pay frozen for the past several years (my wife is going on her third year frozen), or have lost their jobs (we have friends looking for several months, some year or more). My ongoing concern is not the Pay Freeze, not the High 3 or High 5, or even the furlough. My concern is the "continued bashing' and view that federal employees are the problem and of no value (from both parties Democrat and Republican). The picture being painted is false, it may be even verifiable as a lie. I am fine with taking a financial hit -- when it is warranted, when it is equal to the private sector. As far a I can see, we (federal employees) are the ScapeGoats of the 2010's and beyond.
    Celtic Wolf
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  • Private sector is getting 3-5% increases
    kevdog
    Contrarian, please provide a source for your claim. To my knowledge, the private sector is not getting these types of raises. I am not happy with a pay freeze, but in the USA I live in, I see a large segment of the population that is unemployed or having their pay/benefits cut.
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  • Another Year With No COLA
    Richard729
    Retired seniors, whether in the private sector or public, have seen no cost of living increase going on 2 years. Civil service retirees' pay falls under the Social Security formula for calculating the COLA. The reason behind the zero increase, we are told, is because inflation is zero, therefore, seniors are told to "suck it up." Well, we have. We get zero benefit from the 2% Social Security withholding tax holiday which is for one year. But, because I, like many retired federal workers who earned enough credits to qualify for SS benefits, must still pay taxes on those earnings in addition to the taxes we pay on our CSRS pensions. My SS was also reduced by 40% due to the offset penalty, another draconian law passed by Congress. For the last two years we have experienced increases in: 1. Health insurance premiums plus increased copays and deductible costs. 2. Automobile and home insurance premiums 3. Increase costs of basic food staples and gasoline Zero inflation? No way. Yet, the bean counters all tell us we must sacrifice so that the wealthiest 2% who continue to get tax cuts (supposedly to help create jobs) can keep jacking up the costs of everything in spite of the phony numbers that are crunched to make sure the oldest and the neediest receive nothing. During the last two years my pension has been decreased as the "zero" inflation costs of health insurance, auto and home insurance continue to soar. What ever happened to the debate over the $2 trillion wars which still drag on in Afghanistan and Iraq? Why are we still dumping $350 million per fighter plane and $6 billion per aircraft carrier when we have enough weaponry to wipe out the entire world today? Why do we tolerate Congressmen and women who insist we all must tighten our belts when in the same breath they lard out a $40 billion subsidy for the oil industry while discouraging alternative fuel research? Is it finally over for democracy in America? I believe it is. It is over because the bloated plutocracy will always want more and more and more. It seems to me that the "Helmsley Proclamation" has been revived. That proclamation was made by Leona Helmsley who once stated that "Only the little people pay taxes." To that we could add, "And only the little people must make all the sacrifices."
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  • Kinda worrisome...
    FERS Fed
    ...that a federal agency decides what does/doesn't count as inflation, isn't it? They wouldn't 'cook the numbers', would they? Naaah, couldn't happen.
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  • Leona Helmsley
    Linda
    If it makes you feel any better, Leona Helmsley did jail time for her tax evasion!
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  • Helmsley
    Richard729
    Yes, Helmsley did jail time. But, like I said, the plutocracy has revived that attitude. We all know because of the oil price rise everything else follows it -- except the government's phony numbers as FERS fed above pointed out --"cook the numbers."
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