Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 06-10-2009, 01:49 PM   #41
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,613
Quote:
Originally Posted by militaryman View Post
To change that now for anyone who signed up under the current FERS plan seems like it would have to be a breach of contract. I mean the brochures I was given describing FERS annuity and SS Supplement did not have fine print at the bottom saying "this benefit may or may not materialize depending on the legislation implemented at the time."
I don't like seeing "the rules" changing on anyone, but why should it be different because the employer is the federal government and not the private sector? I guess I don't understand why different rules would apply, unless you signed something that said the plan could not change or Congress passed a law saying they could not change the rules midstream for existing employees. Absent that, I'd think the same labor laws apply.

Having said that, I'd prefer to just see it impact new hires. Just because I got screwed by my first Megacorp freezing the pension on me doesn't mean I want to see it happen to others.
__________________

__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-10-2009, 01:54 PM   #42
Recycles dryer sheets
beowulf's Avatar
 
Join Date: Oct 2007
Posts: 466
Unfortunately, any and all benefits given by Congress can be taken away by Congress. Or they can be stalled, delayed, ignored, etc., by Presidents who don't agree with them. That should make all the folks who think feds are getting undeserved rewards happy.
__________________

__________________
beowulf is offline   Reply With Quote
Old 06-10-2009, 01:55 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,649
Quote:
Originally Posted by militaryman View Post
That would really be a tough pill to swallow --- at 41years old now I have 23 years of Federal service. I've been promised that supplement from day one of FERS enrollment. To change that now for anyone who signed up under the current FERS plan seems like it would have to be a breach of contract. I mean the brochures I was given describing FERS annuity and SS Supplement did not have fine print at the bottom saying "this benefit may or may not materialize depending on the legislation implemented at the time."

If they are wanting to change the plan then change it for newbies and then honor it until it is changed again for incoming folks.
Especially since the amounts paid in (by both the employee and the agency) are set to fully cover the cost of the FERS pension and SS supplement. The SS payments are just that - same as anyone else. It seems like the one part that is fully funded is what the GOP wants to renege on.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 06-10-2009, 02:00 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,649
Quote:
Originally Posted by ziggy29 View Post
I don't like seeing "the rules" changing on anyone, but why should it be different because the employer is the federal government and not the private sector? I guess I don't understand why different rules would apply, unless you signed something that said the plan could not change or Congress passed a law saying they could not change the rules midstream for existing employees. Absent that, I'd think the same labor laws apply.
Seems fair. But when a company decides to abandon a DB pension plan doesn't ERISA require that they grandfather in current employees at the level of benefit they have already attained? DW's law firm dumped their DB plan but she still gets a portion -- if she stays on long enough. If that is the case, the Hill should, as a minimum, phase the change in. That said, I still don't expect this propsal to go anywhere -- doesn't save enough money.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 06-10-2009, 02:02 PM   #45
Recycles dryer sheets
 
Join Date: Jun 2007
Location: Oklahoma City
Posts: 275
Before they do something like this they should just raise the FERS contribution that all employees make by a tenth of a percent or whatever needs to be to compensate for the savings desired. Kinda stupid tho if we are already having the $$ deducted to fund this supplement that they could take it away. Seems like they would have to reimburse us for the deductions made in the past.
__________________
USAF Veteran -- Retired Air National Guard -- OSW -- ONW -- OIF
militaryman is offline   Reply With Quote
Old 06-10-2009, 02:14 PM   #46
Recycles dryer sheets
 
Join Date: Jun 2007
Location: Oklahoma City
Posts: 275
I think that currently the House, Senate, and President ALL have the Federal workforce down for a raise this year. Seems like they would forgo the raise before cutting retirement benefits, or at least most Fed employees would rather sacrifice the raise for the maintaining of the benefit. ?
__________________
USAF Veteran -- Retired Air National Guard -- OSW -- ONW -- OIF
militaryman is offline   Reply With Quote
Old 06-11-2009, 06:22 AM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
The proposed increase for the still employed feds is 2%, to date. I haven't seen anything new on that.

On another note, a proposed amendment for FERS employees to be able to "cash in" unused sick leave at retirement, along with some other things, did not make it.
Bill advances with TSP reforms, but not sick leave fix (6/10/09) -- www.GovernmentExecutive.com
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 06-11-2009, 11:21 AM   #48
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Quote:
Originally Posted by restonham View Post
Unfortunately, any and all benefits given by Congress can be taken away by Congress. Or they can be stalled, delayed, ignored, etc., by Presidents who don't agree with them. That should make all the folks who think feds are getting undeserved rewards happy.
It's not just Big Brother who can do this; megaconglomocorps have been doing it for years...
__________________

__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Peace Corps targets retirees for overseas jobs free4now Life after FIRE 12 11-07-2008 10:29 PM
Savings Targets Overstated? prubin FIRE and Money 24 12-01-2007 07:39 AM
U.S. strike targets al-Qaida in Somalia thefed Other topics 12 01-10-2007 07:47 AM

 

 
All times are GMT -6. The time now is 12:03 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.