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View Diary: Here's A Closer Look at the Guys Telling Us to Raise the Retirement age to 70 (114 comments)

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  •  Congress' participates in the FERS (6+ / 0-)

    which consists of a pension after 5 years at age 55, SocSec, and a medical plan. The pension is the big differentiator and is, I believe, 80% of last pay rate after 10 years.

    Someone who is expert should be able to clarify.

    The big advantage they all get is perks and contacts which lead even the most inept to gazillionairedom.

    If... the machine of government... is of such a nature that it requires you to be the agent of injustice to another, then, I say, break the law. ~Henry David Thoreau, On the Duty of Civil Disobediance, 1849

    by shigeru on Tue Jan 22, 2013 at 06:20:50 PM PST

    [ Parent ]

    •  sorry, no (3+ / 0-)

      FERS is a federal employee program, and unless Congress gave themselves special rights (entirely possible) that's not how it works.

      IF there's a VERA (voluntary early retirement) then a person has to be 50 with 20 years service to retire

      Early Retirement requires MRA (some magic age based on birth year) + 10 years service.

      Regular retirement is 62 + at least 5 years services

      Retirement is calculated based on "high 3" and total years of service. Congress is looking to push it to "high 5" to save money. Add in credit for unused sick leave.

      Retire before 62 and start taking money you take a percentage penalty for your life.

      Federal employees participate in a 401-k type plan because (and especially compared to the older system CRSR) FERS isn't going to cover your bills.

      •  proofread, really (0+ / 0-)

        The old system is CSRS

      •  Thanks for the updates. (1+ / 0-)
        Recommended by:
        OleHippieChick

        It does appear that congress elected since 1986 are enrolled in FERS. This means that they receive a pension subject to the rules you noted, SocSec that they contribute to and Medicare. Their benefits are the same scale and type as all other federal employees. They are good benefits and equivalent to what one would have received at a large, honest company a few years ago.

        Summary linked below:
        http://www.fas.org/...

        If... the machine of government... is of such a nature that it requires you to be the agent of injustice to another, then, I say, break the law. ~Henry David Thoreau, On the Duty of Civil Disobediance, 1849

        by shigeru on Tue Jan 22, 2013 at 10:24:55 PM PST

        [ Parent ]

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