Marjorie Taylor Greene’s resignation secures her a congressional pension

[WorldWatcher]

It is a slap in the face for the government to make us pay for extremely generous FERS government pensions instead of going to more cost effective retirement plans such as 401K that virtually all private sector companies have adopted.

Define "extremely generous" which is a qualitative term not a quantitative term.

FERs retirement is basically 1% of High Three Average per year of service.

That means someone making $100,000 (on average for the last 3 years) draws a pension of $30,000. The equivalant of someone with about $500,000 in a 401K after 30-years.

DISCLAIMER: FERs is seen as one leg of a retirement triangle, where the retirees target should be 80% of annual pre-retirement earnings. Those revenue streams consisting of:

• FERs Retirement
• Social Security Retirement
• 401K/403B/Thrift Savings Plan distributions

WW

 

[rightwinger]

So what’s your problem, you dip shit?

The problem seems to be people making up extravagant benefits that Congress members don’t have.

 

[tahuyaman]

The problem seems to be people making up extravagant benefits that Congress members don’t have.

Who did that you dumb ass?

 

[Care4all]

Define "extremely generous" which is a qualitative term not a quantitative term.

FERs retirement is basically 1% of High Three Average per year of service.

That means someone making $100,000 (on average for the last 3 years) draws a pension of $30,000. The equivalant of someone with about $500,000 in a 401K after 30-years.

DISCLAIMER: FERs is seen as one leg of a retirement triangle, where the retirees target should be 80% of annual pre-retirement earnings. Those revenue streams consisting of:

• FERs Retirement
• Social Security Retirement
• 401K/403B/Thrift Savings Plan distributions

WW

For MTG with 5 years working, I believe this below is what her retirement would be??

$174,000 x 1% x 5yrs = $8700 a year in retirement when she reaches 62 and onward.

$725 a month

Vs. her salary today of $14,500 a month as a Congresswoman

 

[rightwinger]

$725 a month

Vs. her salary today of $14,500 a month as a Congresswoman

Hardly 80 percent of her salary based on 5 years like claimed in the OP

 

[MarathonMike]

Define "extremely generous" which is a qualitative term not a quantitative term.

FERs retirement is basically 1% of High Three Average per year of service.

That means someone making $100,000 (on average for the last 3 years) draws a pension of $30,000. The equivalant of someone with about $500,000 in a 401K after 30-years.

DISCLAIMER: FERs is seen as one leg of a retirement triangle, where the retirees target should be 80% of annual pre-retirement earnings. Those revenue streams consisting of:

• FERs Retirement
• Social Security Retirement
• 401K/403B/Thrift Savings Plan distributions

WW

Extremely generous means a pension plan that pays out far more than a 401k plan with a 3 percent match on contributions. FYI there are nearly 3 million Americans drawing either a FERS or CSRS government pension:

In fiscal year 2022, approximately
1,189,937 people were drawing a FERS pension as civil service annuitants, with 1,095,349 of them being retired employees and 94,588 being survivor annuitants. These FERS annuitants represented 44% of the total 2.7 million federal civil service annuitants, with the rest covered by the older CSRS system.

• Total FERS Annuitants (FY 2022):1,189,937
  • Employee Annuitants: 1,095,349
  • Survivor Annuitants: 94,588
• Total Annuitants (FY 2022): 2,702,322 (including both FERS and CSRS)

 

[Care4all]

Extremely generous means a pension plan that pays out far more than a 401k plan with a 3 percent match on contributions. FYI there are nearly 3 million Americans drawing either a FERS or CSRS government pension:

In fiscal year 2022, approximately
1,189,937 people were drawing a FERS pension as civil service annuitants, with 1,095,349 of them being retired employees and 94,588 being survivor annuitants. These FERS annuitants represented 44% of the total 2.7 million federal civil service annuitants, with the rest covered by the older CSRS system.

• Total FERS Annuitants (FY 2022):1,189,937
  • Employee Annuitants: 1,095,349
  • Survivor Annuitants: 94,588
• Total Annuitants (FY 2022): 2,702,322 (including both FERS and CSRS)

FYI

FERS employees contribute 4.4% of their salary each year towards their own pensions.

 

[WorldWatcher]

Extremely generous means a pension plan that pays out far more than a 401k plan with a 3 percent match on contributions. FYI there are nearly 3 million Americans drawing either a FERS or CSRS government pension:

In fiscal year 2022, approximately
1,189,937 people were drawing a FERS pension as civil service annuitants, with 1,095,349 of them being retired employees and 94,588 being survivor annuitants. These FERS annuitants represented 44% of the total 2.7 million federal civil service annuitants, with the rest covered by the older CSRS system.

• Total FERS Annuitants (FY 2022):1,189,937
  • Employee Annuitants: 1,095,349
  • Survivor Annuitants: 94,588
• Total Annuitants (FY 2022): 2,702,322 (including both FERS and CSRS)

When you complain about some people earning a pension they pay into.

Remember...

It was corporate American that decided then didn't want pension anymore and went with an obscure (at the time) section of the tax law we call today "401K". Why:

• #1 They figured they (the corporation) could save a big pot of money by not properly funding pensions,
• #2 The money makers on Wall Street figured out they could fleece the sheep by skimming a percentage of the large dollar amounts involve in retirement investment.

WW
.
.
The below is long, but very informative on how pensions went by the way side with companies opting instead for 401K plans.
.
.

 

[rightwinger]

Extremely generous means a pension plan that pays out far more than a 401k plan with a 3 percent match on contributions. FYI there are nearly 3 million Americans drawing either a FERS or CSRS government pension:

In fiscal year 2022, approximately
1,189,937 people were drawing a FERS pension as civil service annuitants, with 1,095,349 of them being retired employees and 94,588 being survivor annuitants. These FERS annuitants represented 44% of the total 2.7 million federal civil service annuitants, with the rest covered by the older CSRS system.

• Total FERS Annuitants (FY 2022):1,189,937
  • Employee Annuitants: 1,095,349
  • Survivor Annuitants: 94,588
• Total Annuitants (FY 2022): 2,702,322 (including both FERS and CSRS)

Has nothing to do with MTGs $8700 pension payable when she is 65

 

[MarathonMike]

FYI

FERS employees contribute 4.4% of their salary each year towards their own pensions.

Yes I know that. The point is ALL of the money in the FERS or CSRS pension fund comes from taxpayers since government salaries are paid from the treasury. Every effort should be made to reduce the tax burden on US citizens that FERS and CSRS has created. That's all I'm saying. As I posted, nearly 3 MILLION people are getting government pension payouts.

 

[rightwinger]

Yes I know that. The point is ALL of the money in the FERS or CSRS pension fund comes from taxpayers since government salaries are paid from the treasury. Every effort should be made to reduce the tax burden on US citizens that FERS and CSRS has created. That's all I'm saying. As I posted, nearly 3 MILLION people are getting government pension payouts.

I got mine

66 percent after 33 years and retired at 55

 

[Fort Fun Indiana]

The point is ALL of the money in the FERS or CSRS pension fund comes from taxpayers since government salaries are paid from the treasury.

And taxpayers voted her into office.

 

[WorldWatcher]

Yes I know that. The point is ALL of the money in the FERS or CSRS pension fund comes from taxpayers since government salaries are paid from the treasury. Every effort should be made to reduce the tax burden on US citizens that FERS and CSRS has created. That's all I'm saying. As I posted, nearly 3 MILLION people are getting government pension payouts.

I know you like to emphasize 3 "MILLION", but how many people do you think the Federal government has employed in the the last 50 decades?

Context matters.

WW

 

[MarathonMike]

I know you like to emphasize 3 "MILLION", but how many people do you think the Federal government has employed in the the last 50 decades?

Context matters.

WW

50 decades? We didn't have a government 500 years ago. And I disagree that context matters in this instance. 3 million people drawing money from the US treasury along with the current 4.4 million government and military employees is an enormous burden on the taxpayer and MUST be addressed. Every effort should be made to reduce these numbers and NO ONE is paying attention except me apparently.

 

[WorldWatcher]

50 decades? We didn't have a government 500 years ago. And I disagree that context matters in this instance. 3 million people drawing money from the US treasury along with the current 4.4 million government and military employees is an enormous burden on the taxpayer and MUST be addressed. Every effort should be made to reduce these numbers and NO ONE is paying attention if talk want to reduce the size of the except me apparently.

Thank you for catching the typo. Obviously 5 decades.

Y’all want to reduce the side of the federal government and the military?

Go for it, but be ready to the results.

WW