sinister minister
Well-known member
What are thoughts about PO withholding payments to retirement in order to save money?
Retirement fund
- Thread starter sinister minister
- Start date
Rt2mailman
Well-known member
We will be allowed to retire as soon as administratively possible
I think they are using Magic Math to steal from us.
I think upper managements retirement benefits should be put up as security. If this is a safe deal upper management should have no problem with this. They are in a better position to know the risks than we are.
I also believe our fearless union leaders should put their retirements up as security. They get paid last. They also are in a better position to know the risks than we are.
If I follow the plan. The majority of retirement money is paid for from people that are working. If the contributions are taken to reduce the number of employees this will mean less money to retirees or higher payments for each working employee. In the meantime the Postal Service gets free use of the saved retirement funds which they still may not be able to pay back.
I think upper managements retirement benefits should be put up as security. If this is a safe deal upper management should have no problem with this. They are in a better position to know the risks than we are.
I also believe our fearless union leaders should put their retirements up as security. They get paid last. They also are in a better position to know the risks than we are.
If I follow the plan. The majority of retirement money is paid for from people that are working. If the contributions are taken to reduce the number of employees this will mean less money to retirees or higher payments for each working employee. In the meantime the Postal Service gets free use of the saved retirement funds which they still may not be able to pay back.
justacarrier
Well-known member
If this doesn't go on for an extended period of time (I'm talking years) it should have no effect at all on our retirements. Statistically, the USPS has been overfunded in both the CSRS and FERS systems for many years.
Rules for retirement and future earnings and payments can be changed if authoritative parties agree, but they can't alter benefits already earned.
Grok indicates about 700,000 retired USPS employees currently collect retirement pensions. About 500,000 workers currently are eligible to collect if they retire. These are FERS pensions, so if these are dumped so are the pensions of LOTS of federal employees. My bet is Congress won't tolerate taking any of this already promised retirement back.
Grok indicates about 700,000 retired USPS employees currently collect retirement pensions. About 500,000 workers currently are eligible to collect if they retire. These are FERS pensions, so if these are dumped so are the pensions of LOTS of federal employees. My bet is Congress won't tolerate taking any of this already promised retirement back.
sinister minister
Well-known member
Is it the matching portion that is not being paid to TSP?
Is that portion being withheld from TSP still being applied as total compensation?
Is there a plan to pay TSP for that portion not being paid by USPS?
Is that portion being withheld from TSP still being applied as total compensation?
Is there a plan to pay TSP for that portion not being paid by USPS?
justacarrier
Well-known member
No it is not the portion paid to TSP.
sinister minister
Well-known member
Is it the average high-3? What is exactly being withheld by USPS?
Give this a look.
USPS suspends contributions to pension plan to delay running out of cash | Federal News Network
Postmaster General David Steiner warned lawmakers that USPS will run on of cash in less than 12 months, if it continued to pay its bills on time.
federalnewsnetwork.com
justacarrier
Well-known member
basically the employer portion of your FERS deductions
Congress is fers, too. They won't touch that beast.
