12:13 am, July 10, 2014

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  • Leaner Retirement....Broken Promises
    Trooper
    When we federal retirees signed up to serve the citizens of this country through our jobs for 30 plus years, we were also signing up for less pay in return for a secure pension and cola. That is how we planned our financial lives for a secure retirement. To change that now that we have retired is not only shocking but reflects sadly on the path this Congress, and the President are now taking. Breaking promises made. The majority of positions in the federal gov't have always been paid less than their counterparts in the private sector. The pension for the average federal CSRS employees is less than $33K, is considered taxable income by the Federal Gov't and most states; and CSRS employees are a dying breed. Keep in mind that if you are also eligible for social security, you only get half of what your counterparts will receive. Health care premiums continue to rise as does everything else. The current CPI formula is difficult enough as it does not offset inflation. A change in the calculation of the CPI will hit ALL retirees very hard. If Congress and the President want to act on the COLA, they should do the right thing as this Country was built on doing the right thing and EXCLUDE ALL CURRENT RETIREES from this new, COLA reduction formula they insist on implementing so future retirees can PLAN accordingly.
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  • Leaner Retirement....Broken Promises
    becca
    and the Windfall Act.....little discussed and deeply felt by CSRS and CSRS Offset. This entire thing makes me wonder what my years and dedication have really earned me.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Federal Retirement
    IHATE66
    Sorry, feds. I used to be one of you and being in private industry now, I can't feel sorry for you. First, you virtually cannot be fired, unlike in private industry where you can be dismissed tomorrow without cause (VA is a right to work state). Second, no company in the world offers the retirement you guys get--so little input with such a high return. So for your increases to be slowed down just doesn't resonate with those of us whose only retirement is what we can save/invest ourselves...we have NO guarantees like you do. So be happy with your overly-generous retirements instead of griping about possibly having to save more yourselves.
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  • Overly generous??
    NormalDude
    Let's say I work 30 years and end up with a high 3 of $80000.00; my annual FERS retirement payout will be $26,000. Pinch me, I hit lotto!!!
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  • Forgot one other point
    NormalDude
    From what I have seen in my experience, the age of retirement for a FERS employee is over 65, closer to 70. The picture of people retiring in their 50's with most of their salary comes from the old system which was replaced by FERS many moons ago as the cost cutting measure to make the system viable over time. They get lumped together erroneously by those who want maximum spin and gain favor of the uniformed/uneducated public.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Hmmm
    Fedup1969
    If working for the Federal Government was so great why do you now work for the private sector. I disagree with what you said about the Federal Government having the best retirement in the world. Most big firms pay great benefits and more pay. I bet your enjoying you better paying job thought, aren't you??
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  • Private pensions more like FERS
    ben
    Fedup, There are few companies with full pensions anymore, except for long term employees not approaching retirement age. Social security and a 401(k) are what most can expect. Pay is usually a bit better, but not pensions.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Private pensions more like FERS
    vetdude
    "ben Fedup, There are few companies with full pensions anymore, except for long term employees not approaching retirement age." Teachers, police, firefighters, city and state employees all still receive pensions, even corrupt mayors found guilty of fraudulent misappropriation (Baltimore City) still receive their full pensions. Any wonder why city and state governments face huge budget deficits?
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Chained CPI
    Modicrum
    Chained CPI + Obamacare = Catastrophic pension failure. Am anticipating a 20% cut to annuity within a decade.
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  • Probably thru increase healthcare premiums
    ben
    Like I stated above.
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  • Time to leave the government
    Millennial Punk
    After nearly 7 years in the federal government, I think I and most of my peers will be moving on--not that anyone will notice. Decreasing retirement benefits and increasing healthcare costs don't really make the government competitive with the private sector anymore. It's also really annoying working in a place full of people who get rewarded for getting the least amount of work done.
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  • That's why
    Joe
    That's one reason FERS was created in the first place - so you could leave the fed govt and take your TSP with you. No need for employees to work 30 or 40 years. Of course the main reason was to lower pension costs.
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