"That puts Representative George Miller and the other lawmakers into an increasingly privileged category - workers with guaranteed retirement benefits that aren't subject to the vicissitudes of the financial markets.... if Miller were to retire at the end of this year he'd take an annual pension of about $122,000.... on top of that, he could tap whatever remains in his 401(k)-like savings plan....
Members... like Miller, get a better deal on their pensions than those elected since because the rules changed that year to bring lawmakers into the Social Security system as well.
Un-fucking-believable!
Lawmakers with 20 years in office can get full pension benefits at 50, younger than most workers.
If it is GOOD ENOUGH for THEM it should be GOOD ENOUGH for YOU, right, Americans?
Lawmakers' retirement benefits start earlier and accrue faster than in plans offered to other federal workers.... also get cost-of-living increases, increasingly rare in the private sector.... Five percent of private sector workers have defined benefit pension plans... down from 1980, when 60 percent of workers had such plans....
Translation: the AmeriKan retiree has gotten fucked big-time!!!
Despite the financial crisis - and the fact that lawmakers' retirement benefits are out of step with most ordinary Americans - Congress has made no effort to revisit its unusually sweet retirement deal.... The generous retirement arrangement for members of Congress is meant to respond to the job insecurity that comes with elected office"
All with YOUR MONEY, America!!! That does it! I think I am going to be SICK!!!
I say we give them JOB INSECURITY like you would NEVER BELIEVE!! They ALL should be TARRED, FEATHERED, and tossed into the Potomac!!!!!
After all, the Boston Globe Says Endless Work and Insecurity a Good Thing!!!!!!!
Time for TERM LIMITS, folks!!!!
"Retirement investment blows are smaller for lawmakers; Treasury backs their pension plan" by Erica Werner, Associated Press | November 2, 2008
WASHINGTON - The blow is softer for members of Congress than for most. Although lawmakers have lost value in their thrift savings plans - the government's version of a 401(k) - they are also offered a defined-benefit pension plan backed by the US Treasury and largely insulated from Wall Street fluctuations.
That puts Representative George Miller and the other lawmakers into an increasingly privileged category - workers with guaranteed retirement benefits that aren't subject to the vicissitudes of the financial markets. Market meltdown or no, if Miller, 63, were to retire at the end of this year he'd take an annual pension of about $122,000, according to the National Taxpayers Union, a nonprofit advocacy group in Arlington, Va. On top of that, he could tap whatever remains in his 401(k)-like savings plan.
Lawmakers' retirement benefits start earlier and accrue faster than in plans offered to other federal workers, or by the average private company. Lawmakers also get cost-of-living increases, increasingly rare in the private sector.
Five percent of private sector workers have defined benefit pension plans, in which the employer pays into an account and promises benefits based on years of service, salary levels, and other factors. That's down from 1980, when 60 percent of workers had such plans, according to the Center for Retirement Research at Boston College.
Increasingly, employers are putting the responsibility for retirement - and the risk - onto workers by switching to investment plans like 401(k)s. About 30 percent of workers have 401(k)s, in which employees contribute to their own accounts, often with employers matching a small percentage of contributions, according to the Employee Benefit Research Institute. Thirteen percent have both defined-benefit pensions and 401(k)s. The remaining workers don't have retirement coverage from their employers, according to the institute.
Despite the financial crisis - and the fact that lawmakers' retirement benefits are out of step with most ordinary Americans - Congress has made no effort to revisit its unusually sweet retirement deal. Representative Howard Coble, Republican of North Carolina, who has declined participation in the congressional pension or thrift savings plan, said his efforts to scale them back have not been welcomed.
"It would certainly be a timely gesture at this juncture," said Coble. "It certainly appears to be a different standard, and I can see how people on the outside of that standard might resent it."
The generous retirement arrangement for members of Congress is meant to respond to the job insecurity that comes with elected office, according to Barbara Bovbjerg, director of education, workforce, and income security issues at the Government Accountability Office.
Members elected before 1984, like Miller, get a better deal on their pensions than those elected since because the rules changed that year to bring lawmakers into the Social Security system as well. But any member with five years of service is eligible for full pension benefits at age 62 - though Social Security benefits conform with those of other workers, with early retirement bringing reduced benefits. Lawmakers with 20 years in office can get full pension benefits at 50, younger than most workers.
"The government plans are certainly very rich even if you compare them to the pension plans in corporate America," said Robyn Credico, national director of defined contribution consulting at Watson Wyatt, an employee benefits consulting firm.
"I certainly believe it affects policy," Credico said, suggesting that members of Congress don't experience the harsher reality of ordinary workers' retirement plans. "If you're not impacted yourself it's very easy to make different rules."
Congress has in recent years promoted the dramatic movement in corporate America away from defined-benefit pensions to 401(k)s with policies encouraging automatic enrollment and raising contribution limits.
Can this group of RAT-FUCK BASTARDS be deserving of ANYTHING LESS than HANGING, folks?! They are fucking LOOTING US BLIND and BURYING US IN DEBT while they FEATHER THEIR DAMN NESTS!!!!!!
Under 401(k) plans, employees contribute to their own investment accounts and assume the risks and rewards that go with them. Lately, with the crisis on Wall Street and across the globe, it's been more risk than reward.
Although private sector employees with defined benefit pensions are guaranteed their pensions even if the value of the plan drops, employers may make up for the extra cost in other ways, like layoffs and cutting other benefits, specialists say. --more--"
Translation: That dick in your ass never gets removed, hard-working 'murkn!
