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 ...
Is it illegal? Nope.
I hate this crap. If what they are doing is not illegal, then STFU.
If you do not like the law, change the damn thing.
He got TWO YEARS SERVICE TIME for EACH ONE YEAR IN CONGRESS.
He was in office before the FERS system became mandatory, so he probably has the CSRS system.
With CSRS there's a fairly complex percentage system depending on how many years you've spent in government, or how that time was counted. This website is where you get the whole enchilada ~ a href="http://www.opm.gov/retire/pre/csrs/computation.asp">http://www.opm.gov/retire/pre/csrs/computation.asp
Have fun!
Yes. Gov. Scott Walker is another who walks this walk.
Guv’s a living breathing PR disaster. Too bad, because he is probably one of the most conservative of the lot.
I was just commenting on the perceived unfairness of it. There is a big push to close loop holes and decrease benefits for future retirees in many government pension plans..
The problem here is perception and consistency. Perry’s been squawking about how he’d cut Congress salaries in half, etc., yet, he’s collecting multiple paychecks (whether earned or not).
You might have a point if the pension funds were fully funded. But they're not.
Public Pensions in Texas As Of September 2011
I'm sure Texans won't mind having their taxes raised to cover these shortfalls so government workers can continue to collect their pensions.
As someone who is still undecided on a candidate, I was hoping Perry would make a comeback in the polls. But he should be a leader on the issue of pension reform, not just another follower.
The federal retirement system, even for Congress-critters, is generally not nearly as lucrative as being a school superintendent anywhere.
Totally agree and it’s peanuts anyway compared to all the illegal financial finagling by congress critters.
Who would even bring something like this up?
SatinDoll, I’m sorry about your circumstances, but why don’t you blame the person who is to blame and it’s not Rick Perry.
As long as Perry is following the same rules that are there for everyone else this is NOT an issue. Only a lib or RINO would fight tooth and nail to give someone something and then criticize them for taking it.
That would be $812.50 per month. If you paid $812.50 per month into an annuity or other investment for any period of time you would get the same.
He has been governor for 11 years so as governor alone he has put $107, 250 into the account. Add his other offices and services, such as the Air Force and "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", and he has put a significant amount into the system. That is then invested and earns interest, usually compounded over time.
It is not that big a deal except to those who want to try to make political hay out of it. Why should any U.S. citizen be intimidated by that, much less a leader? That is the purpose of political correctness, to shut you up. A leader won't.
Well, if you want to go there, Sarah Palin made millions from books sales, while Gov. Perry donated the proceeds from his books to the Boy Scouts (and some other charity .. can’t remember)
“Gingrich is 68 now. He was 56 then. You have to have attained minium retirement age of 55 to get your retirement pay, so he made that. Otherwise, he’d had to have waited until he was 60 years of age.”
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I am going on this....fwiw
https://www.documentcloud.org/documents/227793-newt-gingrich-2010-personal-financial-disclosure.html
Newt Gingrich’s financial disclosure statement [PDF above] does not require the discloser of income from the government. He is eligible for a full pension as he served the required 20 years. He was Speaker from 1994-1999. His pension is based on an average of his salary for the highest 3 years.
Born in 1943, Gingrich is 68 – under one scenario, he may have been collecting benefits for 12 years (plus medical):
“Retirement with an immediate, full pension is available to Members at age 62
or older with at least five years of federal service; at age 50 or older with at least
20 years of service; and at any age to Members with at least 25 years of service.”
http://www.senate.gov/reference/resources/pdf/RL30631.pdf
Gingrich’s government is likely to be on the order of $120 K/year + medical.
…….“Would it come as a shock to hear that former Speaker Newt Gingrich who resigned under an ethics cloud with 20 years in the House and former Senator Alan Simpson with 18 years in the Senate who serves on the President’s Deficit Commission, both hard line advocates of cutting People Program entitlements, are on the public dole. Both collect full CSRS pensions including Cola increases, full medical care and other Congressional privileges. As an example, consider that Sen. Bill Bradley (NJ) who retired in 2000 after 23 years of service is expected to receive a total of $7.9 million in pension payments (assuming an average lifespan).”…..
More recent examples of Congressional pension largesse are Senators Chris Dodd and Byron Doran who will collect $125,000 and $116,000 annually after 30 years of service, Judd Gregg will collect $63,000 for 16 years, Kit Bond and Jim Bunning will each receive $58,900 for 14 years of service. These pensions do not include annual COLA ‘adjustments.’ <<
That's a point and ERS has to be changed, but getting mad at Perry when Newt, Santorum, Paul & Michele are collecting or will be eligible for government pensions far more obscene and have never attempted to do anything about -- OK, maybe Paul has -- is kind of counterproductive.
Perry says he will cut congressional & presidential salaries if elected.
BECAUSE they would be working 1/2 fewer days in a year.
Little bits of barrel are clinging to this story as Perry critics are really reaching to the bottom of the barrel to bring this up.
Particularly when their own candidates are vulnerable to the same criticism.
Duh!
Michelle Obama wasted hundreds of thousands of dollars of our money because she and all her kinfolk couldn’t wait a couple of days to go to Hawaii.
I don’t think we need to be worried about Rick Perry’s meager pension at this point, do you?
From where I’m sitting watching the musical chairs candidate game, the idea that this is even an issue while simultaneously conservatives willing throw values out the window and flock to a RINO who possesses the political gift of gab, shows me that blinders are firmly attached and principles have been stood on their head.
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