Republican Senators Richard Burr, (R-NC) and Tom Coburn (R-Oklahoma), on Thursday introduced a bill (S. 644) that would eliminate the pension portion of the Federal Employees Retirement System (FERS) for all new federal employees hired after 2012. The legislation would not affect Thrift Savings Plan benefits and agency-matching contributions. It also will not affect FERS pensions for current federal employees and retirees. It would, however, apply to members of Congress.
Press Release
Today, U.S. Senator Richard Burr (R-North Carolina), along with Senator Tom Coburn (R-Oklahoma), introduced the Public-Private Employee Retirement Act of 2011 to address long-term liabilities facing the federal government. The legislation would end the defined benefit pension portion of the Federal Employee Retirement System (FERS) for new federal government hires starting in 2013, leaving fully in place the Thrift Savings Plan with the current match (up to 5%) for both current and future federal workers. The bill would also apply to Members of Congress.
“Right now, federal government workers receive far more generous retirement benefits than private sector employees. The cost to taxpayers of these benefits is unsustainable and we simply cannot afford it,” said Burr. “We cannot ask taxpayers to continue to foot the bill for public employee benefits that are far more generous than their own.”
“The congressional pension plan currently in place only serves to foster political careerism and should have been frozen years ago. In addition to enjoying a better benefits package, federal workers generally earn up to 20 percent more than their private sector counterparts. When American families across the country are being asked to sacrifice in order to meet their basic needs, federal employees and members of Congress should not be the exception. Defined benefit pension plans are going belly-up across the nation because politicians and employers continue to make promises they cannot keep. Existing federal employees will be unaffected, and all federal employees would continue to enjoy a 401(k)-style pension plan with a very generous federal match. But the only responsible thing to do is stop making irresponsible commitments and forcing future generations to pick up the tab,” said Dr. Coburn.
Currently, federal workers enjoy both a defined benefit pension and a Thrift Savings Plan (equivalent to a 401(k)) with up to a 5% match, paid for by the taxpayers. The average private sector employee gets a 401(k) with a 3% employer match and no pension. Federal workers also continue to enjoy federal health care benefits (FEHBP) after they retire, a benefit that is becoming increasingly rare in the private sector.
Current federal government employees and retirees would not be impacted by the changes in the Burr-Coburn bill.
What the news article doesn’t say is that the 5% government match does not apply to all the employee’s contributions…only a small portion!
No one will want to work for the government…
IT’S ALL ABOUT THE HAVE’S VS. THE HAVE NOT’S..ONE DAY IT WILL BE REVERSED AND THE MEEKS WILL INHERIT THE LAND..BE CAREFUL WHAT YOU PRAY FOR REPUBLICAN’S YOU JUST MIGHT GET IT…
In the Greek New Testament, “meek” is from the Greek term praus. It does not suggest weakness; rather, it denotes strength brought under control. The ancient Greeks employed the term to describe a wild horse tamed to the bridle.
In the biblical sense, therefore, it describes one who has channeled his strengths into the service of God.
Underline the word in Matthew 5:5, and in the margin of your Bible write: See Numbers 12:3; Zephaniah 2:3. The former passage describes Moses as the meekest man on earth — certainly no weakling; the latter verse declares that the meek of the earth are those who have kept Jehovah’s ordinances. The meek person submits to God!
As to the expression “inherit the earth,” the following facts should be noted:
(1) God is the owner of this earth (Psalm 24:1).
(2) Those who obey Christ become children of God (Galatians 3:27; Hebrews 5:9), and “joint-heirs” with the Lord (Romans 8:17).
(3) The Father supplies all our needs (Philippians 4:19), we therefore enjoy this earth and its blessings more than all others.
(4) Mainly, however, our inheritance is spiritual (Acts 20:32); we are heirs in the kingdom of Christ (Ephesians 5:5), and citizenship in that kingdom is available now on this earth (cf. John 3:3-5; Colossians 1:13).
(5) Finally, we also look for an inheritance that is reserved for us in heaven (1 Peter 1:4), because we are aware that the earth will be destroyed when Christ returns (2 Peter 3:10).
Thus, underline “inherit the earth,” and make some appropriate notations in your margin.
Used to be that a government job was low paying with decent but not great benefits. A good retirement (considering the pay) was one benefit. For many,many years most people would not even consider a federal government job because the pay was so low. It’s been only in the last several years that suddenly we are all overpaid, over benefited and under worked. It just goes to show you how much the working environment in the U.S. has deteriorated. If the GOP has it’s way, all Americans will be living in trailers (excuse me mobil homes) and tenement apartments. All except the rich and of course the GOP. What I can’t understand is the fact that so many working people support these idiots. You are voting to lower your standard of living! I know it’s a waste of time writing this. Read the posts from the tea party and others. They are hardly readable. They must be Fox News fanatics. I know what they want. Work like a slave till you drop and then get kicked in a ditch. Sorry you can’t afford any decent health care. Tough luck! Morons!
In response to K man. Disagree with your statement. Postal Employees are NOT paid by Tax Money Go sell that #@$ some where else!
Again; I say TIE COBURN UP AND THROW HIM ON A SLOW BOAT HEADED FOR CHINA. It is time for what is left of the middle class to rise up and take it to the corporate hypocrisy.
post office is last American job? its a governmint job. sociailist by defifnition.
Wow. Good reading. Go to War for Big Business and these @#$%in Politicians? The Postal Service is the Last “American” Job. Are you a Veteran? Good. Here is a Job that you can work hard and get Veteran preference and actually make a living. Its all just a trick of the people that have (i.e. these Politicians) to keep us without (i.e. benefits). These S.O.B’S that want us to settle for less should be ashamed of themselves! Are they American? They don’t deserve the lifestyle and protection that Veterans provide them! They should be working in China! This makes me SICK
Republicuns are rite tho. You shoud be glad patriuts are looking out for you.
True story, Politician from Pennsylvania retired recently with benefits and compensation around 318,000.00 a year. I believe he currently is also being investigated by the Feds. Can you imagine pulling in that kind of dough in retirement. As the earlier writer posted Postal employees are only FUNDED BY THE POSTAGE WE SELL. It would be nice if we didn’t have to continue prefunding our retirement to the tune of 5.5 billion annualy. The taxpayer doesn’t pay for our retirement package at all unlike you, the politician.
Senators Burr and Coburn want you to do the best thing for the country. They want all unionized federal employees to give up their jobs and work for Walmart. Remember Independant voters and I was one of them till recently that you have to hold your nose and vote Democrat………………………………
TYPICAL REPUBLICAN HYPOCRITES! As U.S. Senators they receive FREE Heatlh Coverage and Overly Generous pension packages. Yet they want to CUT other Government empleyee benefits. U.S. Senators are GOVERNMENT EMPOYEES TOO! Yet they never see THEIR COMPENSTATION as a problem, just that of everybody else!
I assume coburn and burr will give up there Federal retirement. Any federal or postal employee who vote republican are very misguided.jb
Congressman when taking their oath of office should say I CON-MAN- from what ever states do solemly swear to jack every voters when I get to my elected post
who I lied to and you voted for me.Voters, you much remembers never to allows all
snakes in one cage at the same times.
First off!! Thanks American voters for putting these stupid fuckin Republicans in office!!!!!!! 2nd thing…. These Politicians created this mess.. We didn’t do anything wrong except vote you in office.. You people write the laws and now you want to take our pensions and healthcare.. What’s next??? Start putting higher tariffs on every American company that produces their products in China and South America.. I bet my life in a few years every company will start coming back to the U.S. and have their products built by American workers!!!
go to the web site to see how the business shop.com can be your real 401K!!!!!!!!!!!
Like Enron, your retirement is ending!!!!!!!!!!!
this is just the begining there not going to stop until they global economy vision is realized thats right we here make whatever they want to pay and no rights yep coming to a city near you walmart on steriods.
How did & do thsey stay in office?
I can imiage anyone with brains voting for them………….I guess it will soon be welcome to Walmart for everyone everwhere……..
Wal-mart will own everything before long…………..and we will all be paid $8 an hour.
I hope the Americans people see how much the Republicans care ablout us when we get older and cannot work anymore!! Every one cannot afford to have 5% put in their 401K every month. They have bills to pay. Some individuals are single and taking care of households by themselves. I once was one of them. When are the American people going to realize that Republicans only care about themselves, not one word about cutting their own salaries!! Wake up America, before all of us will be in the poor house and vote them put of office. Put in congressmen who care about your overall conditoni!! I hope this bill will definitely get voted down by the men and women who care about hard working citizens after retirement.
YEAH IT,S TIME FOR THOSE WHO VOTE FOR THESE CROOKS TO LEARN THEIR LESSON.MUCH MORE IS COMING. LET THEM BE AWARE.
yu geys is al crazey. thay is looking owt for yu. unioun is steeling al the mony and bisniss cant mak job.
Talk about class warfare. This is nothing but taking from the what’s left of the middle class so more can be given to corporate pals. F&%k every last one of these piece of sh*t a**hole!
The Republicans will not stop until they’ve completely wiped out the middle class. It isn’t that we’re overcompensated at all – it’s just that the GOP can’t stand that we’re making any money at all. Deficit? Bullshit. It’s nothing but pure greed – they want it all and want only an ultra rich class and poverty class. But that also shows where greed gets in the way of brains – if they succeed in wiping out the middle class, who will be left to buy anything? Companies will go belly up by the truckload and the country will be a pathetic third world nation, and those same greedy bastards will have to stand in line for a bowl of gruel right next to those they’ve ruined. I hope one tries to cut in line in front of me, preferably that maniac Coburn.
Tax payers do not pay the matching 5% of thrift savings matching pay for postal fers employees, only for congress and other federal employees, the stamps pay our salary and benefits! cut the lies.
Coburn and Burr need to be in full possession of their facts. Firstly we are not payed 20% more than our private counterparts, we earn considerably less! Those of us who are part of the C.S.R.S. do not receive a matching 5% to our Thrift Savings Plan,though we do receive a set or defined benefit amount for years of service performed. This system is presently closed and is not enrolling any new members.If these two fine members of Congress would really make their mark let them accelerate the sale of assets in the T.A.R.P. Fund so that Treasury can be paid back for money spent on corporate bailouts. Let them support a line item veto to the budget so that the Mubaraks and Karzais of the Mid-East don’t benefit from the taxes hardworking Americans pay. Lets keep American money in America! Until then they will be up there with other notable duos like Abbott and Costello or Laurel and Hardy! They were good for a laugh too!
the above said it all….where were they when the private sector turned their noses up at working for the govt…they were laughing all the way to the bank…now that their goldman sachs and enron crooks took away their pensions they cry for our jobs…that we got lower pay than they did….now they blame us.l..
BLAME THE BUSINESSES THAT TOOK THEIR RETIREMENT AND ENDED IT AND SENT THEIR JOBS OVERSEAS….
COBURN AND BURR ARE PAID BY ENRON, SACHS AND SUCH CROOKS, SO WHY SHOULD ANYONE BELIEVE THEM…
IS THERE NO END TO THE INSANITY THAT THIS GROUP CONTINUES TO COME UP WITH? ANYTHING SHORT OF WORKING ON A PLANTATION REGARDLESS OF COLOR SEEMS TO BE THE GOAL OF THE GOP. PROMOTE BUSINESS, CORPORATE WELFARE AND SCREW WORKERS AND THEIR RIGHTS IS THE CALL OF THE WILD!!!!
Get out of the middle east and stop wasting billions upon billions on these wars. Talk about unsustaniable! And when the troops do come home they are met with Republican congressman that don’t give a damn about them. There are a heck of a lot of military veterans that are employed by the federal government. WAKE UP PEOPLE!
Anyone who is a Republican and works for the USPS or any other Federal Agency that that is unaware of the TRUE NATURE OF THE REPUBLICAN BEAST, feast you eyes on the law that Burr and Coburn have introduced.
THEY WANT TO ELIMINATE YOUR RETIREMENT PROGRAM…
If ;you THINK that they are intent on stopping at ONLY “NEW HIRES”, think again.
These anti-worker MISCREANTS want to dominate and eliminate GOVERNMENT ITSELF, along with it’s workers and their benefits.
THIS IS WHO THEY ARE. THIS IS THEIR VISION. THIS IS THEIR PURPOSE.
They are setting about to systematically destroy the America that we have come to know…
They are systematically destroying workers rights by introducing legislation in State Houses across America to take away employee’s right to “collective bargaining” where they DO EXIST, they are pitting worker against worker over
this land saying “look at those workers over there, they have more than you do…
that’s not fair, they shouldn’t have more than you do”… They campaign and agitate for A WAGE AND BENEFIT RACE TO THE BOTTOM THAT BENEFIT’S
NO ONE THAT WORKS FOR A LIVING.
The Republican Party, when confronted about this, will deny it….BUT LOOK AT
WHAT LAWS THEY INTRODUCE… LOOK AT WHAT THEY ARE DOING. LOOK
AT THE POLICIES THAT THEY ARE PURSUING.