| Financial stability of federal pensions |
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johntimber
Member
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Joined: 11 Apr 2018
Location: Adger
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| Financial stability of federal pensions |
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Hi,
There was a recent thread in which the OP sought advice on his AA given that a public sector pension covered all of his routine expenses. Several posters raised the issue of some municipal and state systems not be adequately funded, leading to a need to consider that fact in determining AA as pensions could potentially be reduced or eliminated in the future. That led me, as a military retiree, to again think about my assumptions regarding my pension and the federal pensions of retired civil servants. What do BHs think the potential threats to federal pensions are? I've always thought that the worst case would be the reduction, temporary suspension or total elimination of COLAs but not a reduction in nominal amounts or outright cuts. But that might be wishful thinking on my part. If you receive a federal pension what assumptions do you make?
Please help.
I didn't find the right solution from the Internet.
Thanks
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Sat Apr 21, 2018 5:26 am |
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vaduvala
Senior Member
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Federal pensions are the mechanism by which federal employees receive retirement benefits. For federal employees, there are two major pension systems, the Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS). FERS was introduced in 1987. FERS Pension = 1.1% x high-3 salary x years worked. This equals 1% – 1.1% of your highest annual salary for every year of federal service. You can max out your benefit with more than 30% of your pre-retirement income covered.You must work at least 5 years with the Federal Government before you are eligible for a FERS Federal Pension, and for every year you work, you will be eligible for at least 1% of your High-3 Average Salary History.
what is a telecom technician? - Fieldengineer
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Thu Nov 18, 2021 7:58 am |
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georgeHelious
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Location: Greece
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yes cool it
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Tue Jan 10, 2023 7:35 am |
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mendozi
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Joined: 12 Aug 2022
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I am an Israeli pensioner, so I can say that to get a pension - is not always easy, as in European countries, we often do not want to pay it, so there are special funds like this https://zashita.co.il/pensiya-po-starosti/amp/ , which helps to get legal payments, here I faced a problem when my last employer did not want to pay my pension, however, all resolved literally in a couple of days, I can definitely recommend their services
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Sat Jan 21, 2023 10:16 am |
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