Thursday, November 10, 2005

Whats good for the Goose should be good for the Gander!

I copied this from the Federalist Patriot today and I immediately thought that if that retirement program our Congress enjoys should be good for us. Well, actually I thought that they should get rid of their retirement and depend on the Social Security program that they think all their constituants can live on. I think it would get fixed post haste.

The Federalist Patriot
Founders' Quote Daily

"The house of representatives...can make no law which will not
have its full operation on themselves and their friends, as well
as the great mass of society. This has always been deemed one
of the strongest bonds by which human policy can connect the
rulers and the people together. It creates between them that
communion of interest, and sympathy of sentiments, of which few
governments have furnished examples; but without which every
government degenerates into tyranny."

-- James Madison (Federalist No. 57, 19 February 1788)


Blogger camojack said...

I know there was an email making "the rounds" for awhile about a plan they used to have...but I'm not conversant on their current one.

7:55 AM  
Blogger kwl said...

Members of Congress (and 2.3 million current and former federal employees) are privileged to participate in a supplementary retirement program known as the Thrift Savings Plan (TSP). It is the world's largest such plan in terms of number of participants, and is a "defined contribution" plan (in contrast to a "defined benefit" plan like Social Security, where a particular benefit is guaranteed on retirement). Both the employee and the employer make deposits equal to a percentage of the employee's pre-tax wages into the plan during the years of employment and benefits are then withdrawn upon retirement. While federal employees have very limited access to the funds prior to retirement, they have continuous control over them, determining where and in what percentages their accounts are invested, and receiving regular reports on their earnings. TSP's assets were $55.5 billion in November 1997, making it the largest defined contribution plan in the country, and one of the 12 largest privately invested retirement funds in the country.

Now, why wouldn't a supplemental savings or a personal investment plan work for social security if it works for our Congress and Federal employees so well?

10:47 AM  
Blogger camojack said...

Is that like a pension plan, which is in addition to SSI, or is it in lieu of SSI?

2:56 AM  
Blogger kwl said...

It is in addition to....

6:35 AM  
Blogger camojack said...

I've good a pretty good pension plan where I work, addition to SSI.

3:00 AM  
Blogger kwl said...

Me too. (I hope that lasts anyway, I do work in the airline business, the only major one however that is still making pension payments)
Point is all of this opposition to portions of Social Security Payments to go to a personal investment plan. For those that do not have an investment or retirement plan, and all they have to fall back on is SSI, why not give them the choice to put some of that money in the market, just like our elected officials have. Historically, it sure has outperformed Social Security.

7:53 AM  
Blogger camojack said...

I hope my pension plan (with a major aircraft manufacturer) stays solvent, too...and that this SSI mess can be cleaned up.

Right now I've got about $50K in my 401K plan as well...

8:06 AM  

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