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Congress, Federal Pensions and the National Debt: Will GPO and WEP Disappear This Year?
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gpo/windfall
dept of labor, oig
Mon Jan 12, 2009 12:21 PM
Post Reply
These provisions are unreasonable and certainly not fair. Those of us who have paid our necessary quarters are entitled to our full social security benefits. At least we paid into the system. Think of all the money going out to individuals who have not contributed and may not even be legal residents. The fraud alone probably exceeds what it would cost to provide benefits that we have earned.
GPO
Internal Revenue Service
Mon Jan 12, 2009 2:04 PM
Post Reply
All of my husband's contributions to Social Security were made with community property income (earned in California) as were my contributions to CSRS. Because this (and other factors), my husband will receive half of my pension should I pre-decease him. I, on the other hand, cannot get a dime from Social Security should he pre-decease me. GPO is so incredibly unfair.
Re: GPO
Macon, Ga.
Mon Jan 12, 2009 8:21 PM
Excellent Article
Social Security Administration
Mon Jan 12, 2009 2:40 PM
Post Reply
I believe that it could be part of the solucion to the American economy. It is not only fair for the government workers but will also provide them with the much needed additional resources upon retirement. If this is approved I plan to retire sooner than expected. My retirement will allow someones to step up and eventually the government will be able to hire more individuals which also results in support to the economy. It'a about time that justice is made for those that have dedicated their life to serve the american public. Economic compensation is the last thing we can do for them.
Re: Excellent Article
Small College
Mon Jan 12, 2009 6:28 PM
Pay into the system for 30 years (120 quarters) and you will receive the same benefits that those that paid for 30 years receive. There "ain't no" free lunches. Some one has to pay.
Re: Excellent Article
DoD
Tue Jan 13, 2009 5:12 AM
If you didn't pay into Social Security....
DoD
Tue Jan 13, 2009 4:40 AM
Post Reply
you are not entitled to the same disbursment as someone who did.
I'm 45. That's already 108 quarters. By the time I reach 67, I'll have 196...nearly 5 times the minimum 40 quarters. Yet the person who had only 10 years of contributions would get an overly generous payment even though I've contributed for 49 years AND even though that person may have made a very substantial income for years which they didn't contribute to SS. Essentially my SS payment, as well as others who contributed like I did, would have to be reduced to compensate for those who didn't contribute and are gaming the system. That's what WEP is for.
GPO is another story. Perhaps it should be more graduated and take total contributions into account but then again it's a similar story as WEP: you have a person who expects to receive spousal benefits even though they may have made substantial income w/o contributing to SS.
Re: If you didn't pay into Social Security....
US GOVT
Tue Jan 13, 2009 12:27 PM
But getting another job after retirement is not "gaming the system". Some people want to work, some have too.
You want us to work, pay full social security deductions, and then get a 60% reduction in benefits so you can have your full payments. All I want is what I paid for. If
I will not get full benefits, make it so I can opt out os SS and never be able to draw anything.
We need to pay off the debt
DoD
Tue Jan 13, 2009 6:57 AM
Post Reply
Regardless of your personal situation, if we cannot pay the interest on the national debt and have to monetize it then all these conversations are strictly academic. We have no choice but to pay what we owe as a nation, and that means a little pain now.
Social Security Tax Credit for Federal CSRS
DOE, Albuquerque
Tue Jan 13, 2009 7:12 AM
Post Reply
Why should i pay into a retirement system i cannot get any benefits for. I propose a tax credit for CSRS employees who have no chance to draw social security. I paid into the system for 7 years and it will go to others. With a 5% return, i am entitled to $7,123 refund.
Re: Social Security Tax Credit for Federal CSRS
DoD Agency
Tue Jan 13, 2009 7:44 AM
I would think you would welcome the rich federal retiree (we make more than twice as much as the average American) giving up some of his retirement income to help the poor and needy in our country--without regard to whether they have worked for it and whether they really deserve it?
You cannon celebrate the "take it from the rich and give it to the poor" philosophy of health care but not want to have the same government take your money and give it to others; unless, as seems apparent, your "charity" only extends to taking money from others and not from you?
Re: Social Security Tax Credit for Federal CSRS
US GOVT
Tue Jan 13, 2009 12:35 PM
Also, as far as making twice as much as the average American, once again THERE ARE NO MINIMUM WAGE EMPLOYEES WORKING FOR THE FEDERAL GOVERNMENT. Therefore any comparison is flawed if it does not compare apples to apples. See Fay Vincents article on this web site.
Re: Social Security Tax Credit for Federal CSRS
NAVY
Tue Jan 13, 2009 12:44 PM
Paid in 7 yrs and you want a 5% return on that money? Please...I've worked in the private sector for over 10 yrs and now under the FERS plan for 9 yrs and I'll be lucky to see 10% of the money that I'll put into social security. I'm in my early 30s but how do you think our generation feels about paying into a system (Soc Sec) and getting pennies back if at all on each dollar paid in. And your 5% return, I don't know where you get that figure at. The Gov paid an avg of 4% on Soc. Sec funds over the last 9 yrs. You ought to be happy enough with the more than generous CSRS retirement that you are getting. I'll get half that percentage in my retirement formula and the TSP will have to really do well for me to retire in the next 20 yrs. You don't have to worry about the market since the pension formula is so much better. The gov match that we get in FERS doesn't work if the market performs like it has over the last 5, 10, 15 yrs - it won't be enough to retire. Your lucky!
GPO
dod
Tue Jan 13, 2009 10:05 AM
Post Reply
Hopefully Congress will do the right thing and repeal these unfair and discriminatory laws. When the law was passed, they picked and chose their victims with the formulas and rules...not based on fairness or welfare of deserving SS recipients, but a greedy desire to 'take' the money saved and use for other purposes. The victims were/are sitting ducks...most are not even aware of how the law affects them until their retirement briefing...usually a few months or weeks before official retirement date.