Reply by Howie

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Posted on California Can fix their runaway Pension Plans

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2656 posts in 2918 days

#1 posted 06-04-2012 12:11 PM

Howie, you have read too many emails that spread falsehoods. Congressmen and Senators elected after 1982 are on the same system that other government employees are, the FERS retirement system.

It breaks down to
1) Thrift Savings Plan (401k basically) you deposit 5% they will deposit 5%
2) Annuity, 1% of your highest 3 working year average multiplied by your years of service (30 years = 30% of your max pay averaged over the last 3 years of your career)
3) Social Security
And my pension was based on hours worked. No workie no payie. But remember I’m one of those highly paid union members. I also remember the Reagan years when unemployment lines were out the door and down the street. I’ll bet the politicians didn’t lose any pension payments.
I’m just saying that it isn’t all on the shoulders of the unions.

-- Life is good.

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