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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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  •  So they get the OLD Civil Service Plan (0+ / 0-)

    The one they decided was too good for regular federal employees. Actually it's a bit better than the old Civil Service Retirement System (CSRS) plan, which, in the interest of full disclosure, covers me.

    CSRS (no new members after 12/31/83) provides a pension for any employee at any age with 30 years of service, at age 60 with 20 years of service or at age 62 with 5 years of service. Pension is based on a formula: 1.5% of high three years salary for the first five years, 1.75% of high three years salary for the next five and 2% of high three years for additional service with a cap of 80% after 42 years and change. If you are retiring with 30 years of service but are under 55 your pension is reduced by 2% for each year you're under 55. I'm retiring at the end of the year so I kind of keep track of these things.

    I am not in a position to complain about what I'll be receiving. I will note however that EVERY member of Congress makes more than virtually any career civil servant. And that the percentages I've noted above don't appear to apply to members of Congress (though I could be mistaken). I presume this means they all qualify for the maximum 80%.

    PS: I'm not a big fan of Las Vegas but I occasionally travel there for work. In the past I've occasionally visited the shops at Caesars Palace after hours just to window-shop. Remind me to stop doing that.

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