Pension...defaults

[wkcars]

Most pensions are basically ponzi schemes so no surprise when there aren't enough people paying in that the scheme collapses.

Also when a retiree gets more then the starting salary of most new employees who are paying in then the numbers needed to keep the scheme going gets enormously lopsided.

 

[ripcord]

Originally Posted by oldhp

If you are retired it should be law you can't get a "new job" with the same employer so there is double pension. You want to work another job with a different employer? Then that is fine.

And should you get to draw the full pension before you've reached actual retirement age? I would say you don't get the full amount (or any for that matter) until you start drawing Social Security.

Government employees are the only workers who get a defined benefit anymore. Major reforms are needed and that includes severely limiting the power of the public employee unions.

 

[Mr Nice]

Look what recently happened to the Dallas police pension fund.

When retired cops found out the fund was getting low on cash, many decided to take out lump sum cash withdrawals.

 

[Donald]

Its a mess. Some states are vastly underfunded (CT and NJ) while NY is in very good shape.

My wife will be getting a NYS pension starting now. She was a NY Asst Attorney General now just a plain lawyer. But who would be crazy enough to default on the pension for a lawyer?

 

[dbias]

I'm a retired Municipal firefighter, followed the rules and was able to retire at the age of 52. I currently work another job but wouldn't work another job for another city as the pay is too low. I make much more on the free market side. I've been offered several jobs by my former employer and by surrounding cities as a building/fire code inspector and fire investigator but insurance companies pay much better.

 

[Oildudeny]

If I don't have a pension later in life I'm going to commit a federal crime.. Go to a fed prison. Better than eating scraps begging and being homeless.

 

[pbm]

Originally Posted by Oildudeny
If I don't have a pension later in life I'm going to commit a federal crime.. Go to a fed prison. Better than eating scraps begging and being homeless.



So true....and prisoners get the best of health care too.

Before one middle class worker loses his/her pension....every Congressperson should lose theirs.
They excluded themselves from SS, Obamacare etc...they are civil SERVANTS...not the royalty
that they act like. Should Lois Lerner still get her pension after pleading the fifth?...I don't think so....
You don't want to answer questions....OK...no pension for you...

 

[sloinker]

With 5 year vesting it is possible to do your minimum twenty in the military. Get a civil service job that weighs your military time, work about 10 years, retire and get another civil service job with a different municipality/government entity and again use your military service time, work another 10 years and collect three pensions, social security at 62-65 years of age, VA medical and medicare to offset any out of pocket expenses with the VA. fat city....I know a couple of these people. Their income and medical benefits far exceed their working income.

 

[M56959]

Politics lock