Social Security and Civil Service employees. Bush is Wrong. Again.

[johncoby2]

Bush claims that civil service employees can invest in the Thrift Savings Plan as if it is an alternative to SS. This is NOT true.

AFTER 1988:
We pay into SS just like everyone else does. We have the option to put in up to 10% of our paycheck into the Thrift Savings Program, a government 401K program. Thanks to Bill Clinton this was raised to 15%. This is in ADDITION to SS NOT in lieu of.

In fact this is EXACTLY what the Democrats are suggesting. Allow everyone this opportunity on top of SS.

I should know. I am a Civil Service employee.

BEFORE 1988:
Civil service employees were under the Civil Service Retirement Program. They did NOT contribute into SS, but contributed a large amount of their paycheck into their retirement account.

When they retired they got NO SS, but received up to 80% of their salary, for the rest of their lives!!!!

I should know. My dad was a Civil Service employee.

[Tandalayo_Scheisskopf]

1. He isn't wrong.

He is lying. Again.

Oh, to have the media report his lies 10% of the time. Just 10%. That's all I ask.

[WolverineDG]

2. You're right John

My dad was the Assistant Director of Social Security in South Texas for many many years. He was PISSED when they changed from the Civil Service Retirement Program to SS for federal employees. He felt that you needed the two separate systems to keep the federal employees from getting "sticky fingers" with Social Security.

Since I'm not a Civil Service employee, I'm not sure how he thought that would happen, but he was high enough up the food chain to realize it could happen.

I should also point out that my dad, Republican that he was, fully believed in SS & always spoke of how SS was not meant to be the SOLE income for retirement, but to supplement your savings, IRA, 401(k)...you know, that whole FDR "privatization" thing. I just love how the righties have tried to turn that speech into support for Shrubbie's SS deform. I knew they were talking BS when I heard it, thanks to the many lectures I got about it from Dad when I was a kid. (my face during such a lecture :eyes: ) I'm sure that Dad is now glad to know that I heard more during those lectures than "DG blah blah blah" ;)

dg

[The Quizzical Toad]

3. Bush is wrong/lying?

Now THAT'S news! :D

[newyawker99]

4. Hi The Quizzical Toad!!

Welcome to DU!! :toast:

[The Quizzical Toad]

5. LOL!

Thank you very much! It's good to be here! :toast: :)

[wishlist]

6. Thrift savings was intended to make up for reduced Civil Service benefits

I was a Federal employee when the new Civil Service retirement plan including coverage under Social Security was instituted in the 1980's. It was less generous and drastically cut cost of living increases for early retirees, so in order to placate opponents and try to get older employees to switch voluntarily, they provided matching Thrift Plan contributions up to 5% of salary to those under the new plan. Everyone was told that the only way to make up for the shortfall under the new plan would be to participate in the Thrift Savings plan to get matching contributions.

I don't believe it has been explained that much of the success and popularity of the Thrift plan is the 5% matching contributions which provide a much larger benefit than people could get from non-matching contributions on only 1 or 2 % of salary. Also, Federal employees have more control over their Thrift plan accounts since they can borrow from and draw out the funds with more flexibility than will be offered under Bush's plan.

[johncoby2]

8. Good points! You're right!

We get up to 5% matching. So I put in 15%, they match up to 5%, AND I contribute to social security.

Now, under Ws plan, you put in 30% less into SS, 30% more into the "TSP" but WITHOUT the matching from your employer.

Now how the hell is that going to help.

Make no mistake, this privatizing is nothing more than another tax break for business. They will contribute 30% less into SS.

[MontageOfFreedom]

7. Bush care about Civil Rights?

And not his whacked religion and private stock bonds? Are you mad? Please get this thought out of the air completely, there is absolutely no way that SS plan is worthy of note.