I just heard of TSP and the federal employees plan for retirement.

why isn't this open to all citizens?

As far as they're concerned, we're proles.

with the health plans... With the FEHIB we get to chose from a number of pretty crappy plans.. HMO's PPO's (all with standard price tags) Don't worry.. nobody's getting anything for nothing.

You contribute part of your salary, it doesn't get taxed and the government matches it.

It's for employees of the government-- why should all citizens be able to join?

that the "Senators and Congress critters do not pay SS tax" E-Mail thing revolve around?

180

I think the Congresspeople may have a somewhat different plan. The Thrift plan was set up in the early 80s. Prior to that federal workers did not pay into Social Security but got decent pensions. Now workers do pay into Social Security, and get a MUCH smaller pension and the ability to contribute to the TSP.

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stock portfolio enabled me to pay off my mortgage when I became disabled.

the non-matching part irritates me. Since we have so little control over how it's invested we just put a tiny bit in it.

The TSP (same as a 401-K) and federal employees retirement plan take out extra payroll deductions from federal employees in addition to their Social Security payroll tax deductions. These plans are not a substitute for Social Security, but supplement what employees will get from Social Security, comparable to 401-K's and company or state pension plans.

The Thrift Savings Plan is a totally voluntary savings plan that was started about 20 years ago when Civil Service benefits were cut and Federal workers were put into the Social Security system. The TSP was intended to give Federal employees the opportunity to build up enough extra savings to make up for getting reduced Federal pensions than what they had been able to get under the old Civil Service system.

from the CSRS to the FERS plan. My hubby and I figured "If there so damned anxious for us to switch over, it must be better for us NOT to". So we didn't. So we keep the original pension, which, so far, hasn't been diddled with.. but our contributions to the TSP don't get matching funds..although it is tax deferred.

edit for emphasis

They set up their own much better plan for themselves.

Does a kid get a check until 21 if his dad dies? Yes, thanks to us all pitching in -- well all except teachers.

When they say we must all do more to help, they mean "we" meaning all the rest of you guys. We've set up our own little thing on the side.

Same thing for helping low income workers get a decent retirement payment, disability payments and payments to immigrants who didn't have time to work a full career.

Our piece of the pie is smaller because we help those who don't have as much -- well we all do except teachers.

Professors at most Texas colleges have it even better. No social security for them either. They don't even have to be in TRS. They can take their retirement and the college's match, and put the whole thing 100 % in mutual funds called the Optional Retirement Program. In other words, professors in Texas already have a fully privatized system. The whole 12.8 %. Now does the professors union support the same for the rest of us?

Of course not. Who would care for the less fortunate?

The biggest hypocrite I know is a communist professor at the local college that I work with who wants to know each year why his mutual funds in his totally privatized retirement plan, didn't make 12 % this year.

It's a pretty common ailment. Look at the posts who want to raise taxes. Notice how they always want to raise taxes on some group which does not include themselves. Yes taxes need to go up. No, not my taxes. Those other guys' taxes.

professors dont even make that much money in the first place. And they spent half their lives going to school, and usually racking up student loan debt. All the times you were drinking beer and goofing off with your friends, the professors were studing and contributing valuable research findings for the benefit of the entire world. Yeah we should screw them over even more, since they sacrifice so little already...

jackass

a privatized retirement system?

I don't get that connection at all.