Why scam billions when we could scam... trillions?
Posted on 08/23/2010 2:58:15 PM PDT by Andrea19
...Government workers receive generous pensions, driving up costs A key factor in the underfunding of government employee pensions is the inflated benefits promised to individual workers. On average, government workers with defined benefit plans are owed $2.85 in retirement benefits per hour worked compared to a private sector worker with a defined benefit pension plan who receives $0.41 in pension benefits per hour worked.
Reform is difficult and easily demonized The biggest opponents to pension reform are the current recipients of generous pension benefits, many of which are union members. Over 35 percent of government workers are represented by a union compared to 7 percent of private sector workers. Furthermore, pension benefits are guaranteed by law or state constitution giving current government unions and workers little incentive to renegotiate their contracts...
Read more: http://www.atr.org/government-workers-pensions-underfunded-trillion-a5333#ixzz0xSw3WfUI
(Excerpt) Read more at atr.org ...
Help promote Conservative activism here & here & here & here
The $3 trillion figure is just for state and local pensions. What about federal pensions?
Hey no problemo, taxpayers will be put on the hook..... =.=
Government pensions should be a lot more than private pensions. Private pensions are determined by subtracting social security from a determined standard of affluence and for many years govt workers did not receive social security.
Need to know, also. Thanks for asking.
Ping.
“Government pensions should be a lot more than private pensions. Private pensions are determined by subtracting social security from a determined standard of affluence and for many years govt workers did not receive social security.”
Are you serious? You picked the wrong website for this ridiculous argument. Social Security would collapse overnight if it became optional. Everyone but low wage workers would opt out. Social Security provides no private property rights. Social Security benefits are subject to the whims of Congress. Social Security contributions (taxes) are taxed. Yet Social Security benefits are taxable for those who have saved for a good retirement. Social Security is a generational Ponzi scheme with no ability to pay its promised benefits.
In contrast, government pensions have been given iron clad constitutional guarantees in many states. The typical state worker in Colorado is receiving surplus deferred compensation (beyond the expected amount from relatively low risk investments of employer/employee contributions) of more than $500,000 with a much larger amount for professional and administrative employees. Government employees claim that their pensions take precedence over all other government obligations. No matter the tax increases or service reductions, greedy government retirees and their rat defenders want to soak taxpayers to fund very early retirement of government workers. Many government workers work for the same agency after retirement.
Bend Over America: Now The SEIU Wants Your 401k!
Class Warfare’s Next Target: 401(k) Savings
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=521423
Government Plans to Loot Your Retirement Account
Read what I wrote and tell me what you disagree with and why.
Once again, they are talking about STATE UNION pensions that allow 90% of your salary after 30yrs. FEDERAL is nothing like state union pensions. 1. three components: % of salary + TSP (what you’ve saved) and social security. You still pay up to $400 per month for insurance which has numerous co pays and a % you are responsible for. The FED Pension is not anything like the outragous STATE UNION pensions which usually include 100% of you health care payed for and covered for. They are two different critters so don’t get confused.
“Read what I wrote and tell me what you disagree with and why.”
I read your post. Your post implies that government workers are disadvantaged because they do not receive Social Security. I suppose someone who paid into Social Security for many years may have a valid complaint. The vast majority of government workers have a large advantage as my post indicates. I would be happy to forego my Social Security benefits even now if I could be excused from paying the payroll tax.
This double standard is disgusting. Government workers have fabulous retirement beneftis funded by private sector workers shackled with Social Security (a terrible retirement benefit) and decreasing employer contributions to 401K plans. If government workers can opt out of Social Security, private sector workers should have the same opportunity. Taxpayers should not be forced to fund bloated goivernment pensions. Government workers should receive a defined contribution plan just like most private sector workers.
I appreciate your reply. business professor still hasn't told me what set him off so badly.
OK, now what part do you disagree with?
I told you that I disagree with your entire post. Government workers should receive a fixed contribution from taxpayers for a 401K plan. Social Security should be converted into a welfare program, providing some retirement income for very poor seniors. Everyone should pay a small payroll tax to support a welfare program for seniors. All other retirement savings should be defined contributions with no future deferred compensation promises from taxpayers.
Well then, I disagree with your entire post too. (How easily I slipped to your level).
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