Note that the pension problem is more a state and local problem than a federal one.Reader comment on: Byron Wien and the Public Employees Submitted by Lyle (United States), May 27, 2010 18:03 Note that federal employee pensions changed in 1987. The new plan pays only 1% of the average of the high 3 years pay times the number of years, which is not as good as old (may not be available anymore ) private plans, Although the plan does have a cola. The TSp (401k for government) is a 1% base contrib, 4% matching on the first 5% and none beyond that. So the federal plan is not as generous as a lot of private plans. (All plans include Social Security as a base). State and local plans are a lot more generous than this. Note: Comments are moderated by the editor and are subject to editing. Other reader comments on this item
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