The Mudcat Café TM
Thread #58189 Message #920171
Posted By: Joe Offer
27-Mar-03 - 09:26 PM
Thread Name: Social Security: Politician's Honey Pot
Subject: RE: Social Security: Politician's Honey Pot
Federal employees who participate in FERS (Federal Employees Retirement System) pay the full amount of Social Security Tax - this applies to all civil service employees hired after 1984 - and this page (click) says it also applies to members of Congress.
I worked for the Federal Government from 1970 until I was privatized and granted early retirement in 1996. I was part of the Civil Service Retirement System, and paid 7-1/2 percent of my salary into the retirement fund. After I was privatized (damn Clinton & Gore!), I paid the maximum full Social Security tax until if completely quit working in 2001. I got in my 40 quarters and will qualify for Social Security benefits when I reach the appropriate age. Even though I paid the tax and earned Social Security benefits, there is a huge reduction in my benefit because of a "public pension offset" that was enacted by Congress in response to accusations that Civil Service and military retirees were "double-dipping." Those retirees did get a pretty good deal before the offset was enacted, but the legislation was an overreaction that put the shaft to us cho came later.
It's a really raw deal for a person like me who was privatized out of a civil service job, because I draw about half of the pension I expected to receive.
And no, it's not a "honey pot" for members of congress, either. they pay for their pension program, and they pay for their social security benefits.
-Joe Offer- Retired Investigator, U.S. Office of Personnel Management (My agency administers the retirement program)