A retired autoworker called Rush the other day. Guy was 57 and had been retired for 2.5 years. He was complaining the the pension really wasn’t that big and he had to go out and get a part time job.
Age 55, retired with a pension and paid health care benefits.
How many regular Dick or Janes can retire at 55 with a pension and health care benefits?
US Military, retire in the 40’s, pension and med benefits. :)
“How many regular Dick or Janes can retire at 55 with a pension and health care benefits?”
anyone who works for the federal government including postal workers and congressional members have an even better deal!!!...and that’s why the p.o. and the feds are losing money and our taxes are so high...
“Congressional pensions, like those of other federal employees, are financed
through a combination of employee and employer contributions. All Members pay
Social Security payroll taxes equal to 6.2% of the Social Security taxable wage base
($97,500 in 2007). Members covered by FERS also pay 1.3% of full salary to the
Civil Service Retirement and Disability Fund. Members covered by CSRS Offset
pay 1.8% of the first $97,500 of salary, and 8.0% of salary above this amount, into
the Civil Service Retirement and Disability Fund.
Under both CSRS and FERS, Members of Congress are eligible for a pension
at age 62 if they have completed at least five years of service. Members are eligible
for a pension at age 50 if they have completed 20 years of service, or at any age after
completing 25 years of service. The amount of the pension depends on years of
service and the average of the highest three years of salary. By law, the starting
amount of a Member’s retirement annuity may not exceed 80% of his or her final
salary.
As of October 1, 2006, 413 retired Members of Congress were receiving federal
pensions based fully or in part on their congressional service. Of this number, 290
had retired under CSRS and were receiving an average annual pension of $60,972.
A total of 123 Members had retired with service under both CSRS and FERS or with
service under FERS only. Their average annual pension was $35,952 in 2006.”
http://www.senate.gov/reference/resources/pdf/RL30631.pdf