- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Social Security Fairness Act
Posted on 11/14/24 at 9:54 am to KillTheGophers
Posted on 11/14/24 at 9:54 am to KillTheGophers
quote:
Seems like the 3 million government workers shoulda known that their government pension
Government pensions are a legal way to steal taxpayer's money. Why should money I pay the government be used to bolster someone's pension plan?
quote:
Under the Federal Employees Retirement System (FERS), the federal government contributes roughly 1% of a federal employee's basic pay each pay period towards their pension, while employees contribute a percentage depending on their hire date, typically ranging from 0.8% to 4.4% of their salary.
So I'm paying for my neighbor's pension but he's not paying for mine. That's bullshite. What the government should do is do away with contributing my taxes and raise the amount of money an employee can contribute of his own money. That's the way it worked where I was employeed. The company didn't match anything but they worked out a deal with the IRS to where we could contribute up to 8% of our salary.
That's the way a government pension should work also.
0
Posted on 11/14/24 at 9:56 am to Flats
Did you figure in the $15.9B that LASERS invests? As of their last filing they are getting 14.0% on their investment return.
They pay out $120MM a month to around 50k retirees.
Right now it is sustainable just by investment.
And all of that is before the 8% paid by the 39000 active employees.
EDIT: The state teachers and state police have their own retirement systems. These numbers are just for LASERS so I am not sure how their funding is handled.
They pay out $120MM a month to around 50k retirees.
Right now it is sustainable just by investment.
And all of that is before the 8% paid by the 39000 active employees.
EDIT: The state teachers and state police have their own retirement systems. These numbers are just for LASERS so I am not sure how their funding is handled.
This post was edited on 11/14/24 at 9:58 am
Posted on 11/14/24 at 9:59 am to BigBinBR
quote:
Did you figure in the $15.9B that LASERS invests?
Where did that come from? No, I didn't start my hypothetical employee retirement fund with a billion dollar nest egg. I used the 8% you claim fully funds a 75% retirement at 30 years.
I'm not ragging on people with pensions. That was a term of their employment, no problem. But defined benefits plans like that are not sustainable, and there's a reason they barely exist outside of government and unions.
Posted on 11/14/24 at 10:01 am to Flats
quote:
Where did that come from? No, I didn't start my hypothetical employee retirement fund with a billion dollar nest egg. I used the 8% you claim fully funds a 75% retirement at 30 years.
I'm not ragging on people with pensions. That was a term of their employment, no problem. But defined benefits plans like that are not sustainable, and there's a reason they barely exist outside of government and unions.
I just showed you it is sustainable. It was started in 1946. The fund has assets. They pay out around $1.5B every year and make over $2B in investments. You are acting like the retirement fund that someone is paying 8% into as if they are starting at $0 and finding their own retirement.
Posted on 11/14/24 at 10:02 am to KillTheGophers
It doesnt matter hoss. He paid it in, the government has been just holding it like a bank. He wants his money back as benefits, if not give them all in a lump sum. He worked for what was held out.
Posted on 11/14/24 at 10:18 am to BigBinBR
quote:
and finding their own retirement.
That was your claim; that they fund their own retirement. I’m just showing you the math doesn’t work.
If a private business could offer that retirement package AND profit off of it in addition to keeping quality employees, why do you think nobody does it?
Posted on 11/14/24 at 10:28 am to LouisianaLonghorn
quote:
That's not fair.
wtf. fair is just another four letter F word.
Posted on 11/14/24 at 10:28 am to Flats
quote:
That was your claim; that they fund their own retirement. I’m just showing you the math doesn’t work.
You said this:
quote:
Any state system will be healthy if they tax residents enough to pay for it.
I told you that it is not true. The state is not taxing residents that are not in the system. The retirement is funded by the state employees. They (through LASERS) do fund their own retirement.
quote:If a private business had $15.9B in funds that they had collected from their employees since 1946 then they could fund their owner retirmenet system too.
If a private business could offer that retirement package AND profit off of it in addition to keeping quality employees, why do you think nobody does it?
Posted on 11/14/24 at 10:31 am to BigBinBR
quote:
I told you that it is not true.
But it is, because I just showed you how 8% isn't enough to fund the retirement you claim it funds. It's not even close.
Posted on 11/14/24 at 10:39 am to Flats
quote:You are leaving the part out that it is an already established fund. The fund was paid for by the employees. The 8% that they pay in is more than enough to keep the find solvent.
But it is, because I just showed you how 8% isn't enough to fund the retirement you claim it funds. It's not even close.
Then numbers you are using is as if the person is starting at $0 and is funding their own retirement. That is not the case. It is a retirement system. The system is already established. And it is not getting money from the taxpayers to help fund it - other than the employees that are part of it.
Posted on 11/14/24 at 10:55 am to BigBinBR
quote:
I told you that it is not true. The state is not taxing residents that are not in the system. The retirement is funded by the state employees. They (through LASERS) do fund their own retirement.
LASERS is not solely funded by employee contributions. The state has and continues to contribute to it via employer contributions and legislative acts (e.g. a surplus was contributed to the tune of approx. $3 million back in 2018). This is easily found on the website.
Posted on 11/14/24 at 11:07 am to KillTheGophers
The WEP and GPO are two very different things.
The Windfall Elimination Provision was enacted because it was possible for someone who earned and contributed less to Social Security to draw a higher benefit than someone who earned and contributed more. It was not strictly aimed at those with pensions. Up through 20 years of substantial earnings (which is higher than the threshold to have SS deducted from your pay), one of the factors in the payout formula is reduced from 0.90 to 0.40. Through years 21 to 29, the factor is increased by 0.5 for each year giving 0.45 to 0.85. At 30, 0.9 is realized.
The Government Pension Offset is strictly for spouses and surviving spouses. Spouses can draw SS even if they never paid in but the other spouse did. If the spouse who did not pay into SS has a government pension, the spousal SS benefit they are due to receive gets reduced by 2/3's of the government pension benefit they are receiving. The example on the website is if the spouse has a $3k government pension and is set to receive $2100 in spousal SS benefit, the SS benefit is reduced by $2k to leave $100. Yes, the spousal SS benefit can be reduced to 0 this way.
Whether it is good or bad depends. Great for people to receive the full benefit, but it will drain SS faster.
The Windfall Elimination Provision was enacted because it was possible for someone who earned and contributed less to Social Security to draw a higher benefit than someone who earned and contributed more. It was not strictly aimed at those with pensions. Up through 20 years of substantial earnings (which is higher than the threshold to have SS deducted from your pay), one of the factors in the payout formula is reduced from 0.90 to 0.40. Through years 21 to 29, the factor is increased by 0.5 for each year giving 0.45 to 0.85. At 30, 0.9 is realized.
The Government Pension Offset is strictly for spouses and surviving spouses. Spouses can draw SS even if they never paid in but the other spouse did. If the spouse who did not pay into SS has a government pension, the spousal SS benefit they are due to receive gets reduced by 2/3's of the government pension benefit they are receiving. The example on the website is if the spouse has a $3k government pension and is set to receive $2100 in spousal SS benefit, the SS benefit is reduced by $2k to leave $100. Yes, the spousal SS benefit can be reduced to 0 this way.
Whether it is good or bad depends. Great for people to receive the full benefit, but it will drain SS faster.
Posted on 11/14/24 at 11:13 am to DakIsNoLB
quote:
The state has and continues to contribute to it via employer contributions and legislative acts (e.g. a surplus was contributed to the tune of approx. $3 million back in 2018). This is easily found on the website.
That's IAUL that per the state constitution has to be paid back to LASERS by 2029. It was a 40 year timetable to pay LASERS when the UAL was eliminated in 1987. That can also be easily found on the website.
Posted on 11/14/24 at 11:26 am to Flats
State employees contribute 8% to their retirement
This post was edited on 11/14/24 at 11:28 am
Posted on 11/14/24 at 11:29 am to BigBinBR
quote:
That's IAUL that per the state constitution has to be paid back to LASERS by 2029. It was a 40 year timetable to pay LASERS when the UAL was eliminated in 1987. That can also be easily found on the website.
That's an eye opener, and it seems the UAL was the result of both employee and employer contributions being too low to sustain the promised benefits.
Regardless, the state of Louisiana isn't going to stop making employer contributions to the fund even after the UAL is paid off by 2029. No state pension is solely employee funded.
Posted on 11/14/24 at 11:38 am to KillTheGophers
Wife A never worked - husband dies she collects husbands SS
Wife B is a state employee (my wife) she has a really good state pension - husband dies she doesn't collect my SS
Make it make sense
Wife B is a state employee (my wife) she has a really good state pension - husband dies she doesn't collect my SS
Make it make sense
Posted on 11/14/24 at 11:43 am to DakIsNoLB
quote:
No state pension is solely employee funded.
Not at 8% it sure as hell isn't.
Honestly, I thought this was common knowledge. There's a reason that defined benefits plans are pretty much extinct outside of unions and government.
Posted on 11/14/24 at 11:51 am to GabeK
quote:
Wife B is a state employee (my wife) she has a really good state pension - husband dies she doesn't collect my SS
Only if 2/3 of her government pension exceeds her spousal SS benefit. It's not an automatic disqualification.
Posted on 11/14/24 at 12:00 pm to DakIsNoLB
I was speaking of my wife and it far exceeds the limits
Posted on 11/14/24 at 12:05 pm to GabeK
quote:
I was speaking of my wife and it far exceeds the limits
That's cool; I assumed that's what you meant, but I was making sure readers understood how it worked.
Page 4 of 8
Popular
Back to top
Follow TigerDroppings for LSU Football News