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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (10883)	2/25/2008 9:03:01 AM
From: Nicholas Thompson	Read Replies (2) \| Respond to of 149317

I think Current fed pensions are based on 1.1% of the average earnings of your high three earning years times the number of years you work, with some minor adjustments downward for widow protection and for the first 5 years of employment . you also earn , since 1988, social security and what you sent aside in the 401k which the feds do match for the first 5%. 90% sounds wrong unless it could be some expired law enforcement pension plan and the guy worked forever. Until 1988 you got no social security and you only get it now if you started after 1988 or switched then to the new system.

To: michael97123 who wrote (10883)	2/25/2008 11:08:26 AM
From: manalagi	Read Replies (2) \| Respond to of 149317

Just look around your circle of friends. Most od the retirees are former civil servants. When they were in the early 20's, their friend were saying: "your salary is not enough to send your kids to college, etc." But look what happened 40 years later. Those working for private companies had to look for jobs again and again since merger, acquisition and bankruptcy, hence never have a good pension fund. I am talking about the majority of people. Of course there are exceptions like many of the posters on this thread. The hare and the turtle. Seems the turtle wins. PS Nowadays, civil servants are under SS. But congress? One term congressperson, just serving one 2 year term is set for life!

To: michael97123 who wrote (10883)	2/26/2008 1:50:14 AM
From: Wharf Rat	Respond to of 149317

It changed. Until 1984, employment by the Federal government was covered under the Civil Service Retirement System (CSRS) and not by Social Security. If you worked for a Federal agency during these years, you did not pay Social Security tax on your earnings and those earnings are not shown on your record. In 1984, a second retirement system--the Federal Employees Retirement System, or FERS--was introduced. People who began working for the Federal government in 1984 or later are covered by FERS instead of CSRS. Also, some workers who had been covered by the CSRS program chose to switch to the FERS program when it became available. Work under FERS is covered by Social Security. ssa.gov