I'm proud to say I'm in that category! :)
Posted on 12/17/2011 2:00:04 AM PST by Cincinatus' Wife
..On a campaign swing through Cherokee, Iowa, Perry was asked why the Employee Retirement System should be paying his retirement while he's still collecting a salary.
"That's been in place for decades. ... I don't find that to be out of the ordinary," Perry said of the practice. "ERS called me and said, 'Listen, you're eligible to access your retirement now with your military time and your time and service, and I think you would be rather foolish to not access what you've earned.'"
...The governor's gross annual salary is $150,000; his net salary is $133,000. The net monthly annuity check Perry started receiving Jan. 31 is $7,698. Combined, his net pay from the state is now more than $225,000 annually.
...."As part of his standard financial planning, on Jan. 31, 2011, Gov. Perry began to receive a Texas state employee retirement annuity of $7,698 per month before taxes ($6,588 net)," [Ray] Sullivan said. "The annuity is consistent with Texas state law and Employee Retirement System rules."
'Rule of 80'
Perry, 61, has a long record of state service, having won election as a state House member, state agriculture secretary and lieutenant governor before becoming governor in 2000.
Sullivan cited what's known by state employees as the "rule of 80," which allows state employees to start drawing on their retirement when their age plus years of public service credit totals at least 80.
"The combination of Gov. Perry's U.S. military service, state service and age exceeded the state-required 80 years and qualified him for the annuity," Sullivan said.
Perry continues to pay 6.5 percent withholding tax from his state salary to the state retirement system, the spokesman added.....
(Excerpt) Read more at star-telegram.com ...
If you go to the site I pointed you to you'd be able to compute his retirement based on his service time and his high3.
"FULL" in private sector and apparently state and local government means 100% of your high three.
Then there's "vesting" ~ there's no federal vesting of retirement until 5 years service.
You can come back years later and get the retirement.
If you imagine Newt got his high three as a retirement you would be in error.
In the federal system what Perry is doing is considered "double dipping". It is not allowed.
So, let's say Perri Caliente comes in and demands a 50% Congressional pay cut, so they do it (ha, ha, ha, ha), and it's not effective for another two years after the next election.
Technically these guys can't even return their salary to the government ~ IT'S UNCONSTITUTIONAL!
BTW, that's what happens under the amendment that so many Conservatives thought would reign in government pay at the top. It has a quite perverse REVERSE EFFECT.
Which improves transportation without increasing the size and scope of the state’s DOT.
Cries of ‘imminent domain’ ring *VERY* hollow considering that the selfsame opponents who cry it are the same that cry *FOR* it regarding a border fence.
-
And unlike d@#n near every other politician, Perry - at least - *listened* to his constituents and stopped it when a fuss was raised. How many other politicians do you know that actually *DO* that?
Perri Caliente would become a triple dipper ~ two state pensions and a Presidential pension.
Mitt probably considers it chump change.
BTW, these government pensions are not inheritable. Whatever you paid in is just lost when you die. They are "group plans", kind of like a mutual insurance deal.
Exactly and if you are a state worker, you can only collect from the retirement system not Social Security. My SIL was a teacher and when she retired, she griped because she could not collect on her teacher retirement and her deceased hubbys SS. No medicare either.
A USPS letter carrier doesn't get a separate USPS retirement and a US government retirement if he should decide to get some other federal government job. He simply gets service time ~ 20 years for just one retirement from the federal government.
What Perri Caliente is getting is a retirement for each separate job working for the same government.
With the average federal government employee starting work with the federal government at the age of 35, if he or she retires (on a "full" ~ cough, cough) retirement at age 55, the retirement will be computed at 20% of high three. He he retires at 65, the retirement will be computed at 30% of high three. If he retires at 75, the retirement will be computed at 40% of high three.
That means the just recently hired federal employee will need to make substantial savings out of his current income in order to have a plush retirement!
Some places still aren't in. They make a bundle of bucks out of their alternative investments.
Oh, yeah, and federal government employees were not eligible for Social Security until recently (1987) and only if they were covered under the FERS system or worked sufficient quarters OUTSIDE the federal government.
FYI I do not respond to posts that use terms like Perri Caliente.
I'm proud to say I'm in that category! :)
Those poor babies. How about we give them a defined contribution 401K-type plan?
How about we give every civilian in government a 401 K -type plan just like they do in, well, just about everywhere in the private sector?
So, let's say Perri Caliente comes in and demands a 50% Congressional pay cut, so they do it (ha, ha, ha, ha), and it's not effective for another two years after the next election.
We have something called progress.
If you'd paid the slightest attention to the Reagan Administration you would have already known that.
No, he is not a PR disaster. He deserves his pension.
The other candidates have their own PR nightmares, much worse than Perry. The fruits of their labor may not be so above board.
Right?! They should pay governors on commission.
A couple of weeks ago someone from the ‘north-east’ posted that they, [up there], ‘hate’ Texans because ‘they brag so much’...... My thought is that ‘it's not bragging when you speak the truth’.
GO RICK PERRY !!!
There have been hundreds of posts on this issue. It’s a ‘non issue’ when you fully investigate it.
In 2006, Sarah Palin was elected governor of Alaska. In June of 2007, Alaska accepted federal funding to boost access to Gardasil, the HPV vaccine.
20 states had legislation to mandate the vaccine in 2007
“Still not seeing how the TTC was bad. It was nothing more than a state tendering an offer to have a turnpike constructed.
Which improves transportation without increasing the size and scope of the state’s DOT.”
Cintra (the company that Perry was using to build the highways...and then be allowed to charge as much as they wanted) charges 30 cents per mile in tolls (Canada 407 ETR). My wife and I drive 25,000 miles per year on highways. We DO NOT want to pay another $7,500 in TOLLS, beyond the state and federal gasoline tax.
But that was JUST FINE with Governor Perry.
“In 2006, Sarah Palin was elected governor of Alaska. In June of 2007, Alaska accepted federal funding to boost access to Gardasil, the HPV vaccine.”
Fine, please give me a link to the Alaska law that MANDATED that little girls get the shots show that they could have wild and crazy sex in their teen years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.