Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

geardaddy

(24,924 posts)
Mon Dec 15, 2014, 03:17 PM Dec 2014

John Kline, Slated to Get 50k Pension, Axes Retirement Benefits for Millions of Workers

http://blogs.citypages.com/blotter/2014/12/congressman_john_kline_whose_fed_reirement_will_eclipse_40k_leads_assault_on_clipping_retiree_pensio.php

For Congressman John Kline, last week was especially epic.

The Minnesota representative kicked off his week by fighting the good fight to allow companies that do business with the federal government the right to discriminate against gay employees. But championing institutionalized bigotry wasn't enough for our hero.

The congressman, who receives a salary pushing $200,000 and whose government pension will amount to no less than $41,000, coxswained the GOP's effort to cut the pensions of millions of Americans.

The measure would allow pension plans, many of them hit with investment losses from the recession, to reduce the benefits they pay out to both current and future retirees.

Proponents contend the provision is needed to salvage the nation's most distressed pension plans, which have been chronically under-funded for years, and are now facing imminent collapse.

Kline, whose congressional pension will most likely be on the north side of $50,000 when he finally leaves office, called the failing plans "a ticking time bomb" that mandated lawmaker intervention.

The rest at link.
3 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
John Kline, Slated to Get 50k Pension, Axes Retirement Benefits for Millions of Workers (Original Post) geardaddy Dec 2014 OP
Too bad we can't put Congress on an hourly wage and cancel their retirement/ Frustratedlady Dec 2014 #1
Exactly. geardaddy Dec 2014 #2
Maybe someone should have added Kline's pension Mnpaul Dec 2014 #3

Frustratedlady

(16,254 posts)
1. Too bad we can't put Congress on an hourly wage and cancel their retirement/
Mon Dec 15, 2014, 04:42 PM
Dec 2014

pension fund. Good grief, how long do they have to work to qualify for a pension fund? How many perks go on beyond their salary?

Pay back sure sounds fair to me.

Mnpaul

(3,655 posts)
3. Maybe someone should have added Kline's pension
Mon Dec 15, 2014, 07:46 PM
Dec 2014

to that bill. We simply can't afford it right now. Government pensions will be in trouble down the road due to the fact we are spending the interest payments to these funds and SS.

The way it worked was that we paid the money owed and borrowed it again before the money changed hands. We are making the interest payments with more debt(treasury notes). This process started under Bush and, as far as I can tell, continues to this day. Republican reasoning at the time was that we don't need to pay this as we owe it to ourselves. To pay the full amount of debt owed in interest payments, we would need to be paying around $500 bil./yr.

Latest Discussions»Region Forums»Minnesota»John Kline, Slated to Get...