Federal Retirement Cuts

DoWhat

Deplorable
PREMO Member

PeoplesElbow

Well-Known Member
Not sure they can do much for existing employees. The FERS contribution for new employees has been bumped up twice since I started. Back when they started FERS they gave people on the existing CSRS system the option of switching or not. I know a couple dumbasses that switched over.

The part i don't understand is
A switch to a defined contribution pension plan for new federal employees.
that already exists in the TSP that is every bit as good as any 401k plan I have ever heard of anyone else having.

I somewhat agree with eliminating the supplemental payments for those that retire before 62.
 

BOP

Well-Known Member
Not sure they can do much for existing employees. The FERS contribution for new employees has been bumped up twice since I started. Back when they started FERS they gave people on the existing CSRS system the option of switching or not. I know a couple dumbasses that switched over.

The part i don't understand is that already exists in the TSP that is every bit as good as any 401k plan I have ever heard of anyone else having.

I somewhat agree with eliminating the supplemental payments for those that retire before 62.

In theory, a person could have around 40 years in the federal gov't by the time they're 62. I'm not sure what the point of forcing them to stick around longer than that would be.
 

littlelady

God bless the USA
You can bet your ass that Congress didn't cut the retirement for themselves.
Agree. And, because of Obamacare, USBank stopped providing health care for retirees. I have posted about this before. It is pretty much fuch the middle class that has to pay for degenerates. And, true Americans that have worked hard over the years, got fuched. Welcome to America.
 

SamSpade

Well-Known Member
I somewhat agree with eliminating the supplemental payments for those that retire before 62.

I actually thought that was either already gone or on the way out. However this does impact ME inasmuch as my immediate superior plans to retire early - and this could put an end to it.

While I support the idea - it sucks to do it to affect someone who's planned their retirement for decades only to have them change the rules at the last minute.
 

PeoplesElbow

Well-Known Member
I actually thought that was either already gone or on the way out. However this does impact ME inasmuch as my immediate superior plans to retire early - and this could put an end to it.

While I support the idea - it sucks to do it to affect someone who's planned their retirement for decades only to have them change the rules at the last minute.

Like one of the articles states, it does not say who these rules will affect. I see an exodus of people getting out while the getting is good.

I am sure there will be lawsuits etc. I signed on for a particular retirement plan, I am not sure they can change the terms that easily.
 

BOP

Well-Known Member
Like one of the articles states, it does not say who these rules will affect. I see an exodus of people getting out while the getting is good.

I am sure there will be lawsuits etc. I signed on for a particular retirement plan, I am not sure they can change the terms that easily.

Several people I work with have talked about pulling chocks, forthwith.
 

SamSpade

Well-Known Member
I have over 30 years now and was thinking about retiring at MRA (56), but now I don't think that will happen.

Yeah, that's what I'm thinking - a lot of people I know that were planning to retire early are probably going to stay on, now.
 

philibusters

Active Member
It is what it is. I started working for the federal gov't in 2012 and have about 5.5 years at this point. I don't want changes. Am I outraged? No I am not outraged because I understand the government is looking to save 32 billion and they will have to make some cuts. Would I prefer the cuts affected somebody else. Well of course, selfishly to a large degree "Yes, I do." Overall I pretty happy with my employment and I am happy with my retirement plan. I started working for the federal gov't when I was 29 and figure I can retire at age 65 and get about 40% of my salary as my pension. Throw in social security a couple years later and I can reasonably expect to have somewhere in the ball park of 60% of my salary as my income during retirement. Hopefully I won't have a mortgage and will have a good amount savings in my TSP by this point. If they lower the G fund rate and make me contribute more to my own retirement that will suck. But life will go on.
 

b23hqb

Well-Known Member
PREMO Member
I started at 22 years old in early 1978 CSRS. I retired in 2009 @ age 55 (my goal) meeting all requirements. I chose to stay CSRS in 1984 when they wanted us to change over to FERS. Giving back over a years worth of earned sick leave, adding my four years of bought back active military service, gave me 37 years credible service, getting me about 71% of high three base pay. I get a pittance of SSI for prior jobs/military deductions, but it is what it is. Things happen all the time in retirement benefits. Nothing is really guaranteed or unchangeable.

Congress had better set the same responsibilities on themselves.
 

Monello

Smarter than the average bear
PREMO Member
It is what it is. I started working for the federal gov't in 2012 and have about 5.5 years at this point. I don't want changes. Am I outraged? No I am not outraged because I understand the government is looking to save 32 billion and they will have to make some cuts. Would I prefer the cuts affected somebody else. Well of course, selfishly to a large degree "Yes, I do." Overall I pretty happy with my employment and I am happy with my retirement plan. I started working for the federal gov't when I was 29 and figure I can retire at age 65 and get about 40% of my salary as my pension. Throw in social security a couple years later and I can reasonably expect to have somewhere in the ball park of 60% of my salary as my income during retirement. Hopefully I won't have a mortgage and will have a good amount savings in my TSP by this point. If they lower the G fund rate and make me contribute more to my own retirement that will suck. But life will go on.

I'd happily take a 10% cut in my retirement pay if..............

They cut 10% off of every other government program. 10% reduction in congressional pay. 10% reduction in welfare payments. 10% cut in government contracts. 10% cut in federal civil service pay.

Like Phil B said, I'm pretty happy with the deal I got from Uncle Sam.
 

b23hqb

Well-Known Member
PREMO Member
I'd happily take a 10% cut in my retirement pay if..............

They cut 10% off of every other government program. 10% reduction in congressional pay. 10% reduction in welfare payments. 10% cut in government contracts. 10% cut in federal civil service pay.

Like Phil B said, I'm pretty happy with the deal I got from Uncle Sam.

I've said that before, and stick to that. Cut it across the board, for everybody, retirees, welfare, SS benies, Congress, and govt programs (less to none for the actual military would be my only exception)

:yay:.
 
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