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| Name: |
MAJ USA RET
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| Subject: |
To Big to Fail
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Date:
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1/3/2011 4:22:38 PM
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Remember… I predicted this!
Illinois lawmakers will try this week to accomplish in a few days what they have been unable to do in the past two years -- resolve the state’s worst financial crisis.
The legislative session that began today as the House convened will take aim at a budget deficit of at least $13 billion, including a backlog of more than $6 billion in unpaid bills and almost $4 billion in missed payments to underfunded state pensions.
http://www.bloomberg.com/news/2011-01-03/illinois-must-plug-13-billion-deficit-in-days-that-took-years-to-produce.html
The unfunded pensioners will protest… just like the Greeks. Guess who will bail out Illinois.
YOU WILL!
…and then, you will bail out California.
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| Name: |
GoneFishin
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| Subject: |
To Big to Fail
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Date:
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1/3/2011 7:40:18 PM
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Maj, can you tell us more as to when you predicted it about Illinois? I must have partied too much and can't remeber.
By the way, according to Military.com you have the best pension around:
"The military (active duty) retirement system is arguably the best retirement deal around. Unlike most retirement plans, the Armed Forces offer a pension (technically a "reduced compensation for reduced services.") with benefits, that start the day you retire, no matter how old you are. That means you could start collecting a regular retirement pension as early as 37 years old. What's more, that pension check can grow with a cost of living adjustment each year."
Sounds like a sweet deal. Will you at least allow seniors to have a drug program?
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| Name: |
MrHodja
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| Subject: |
To Big to Fail
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Date:
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1/3/2011 8:02:49 PM (updated 1/3/2011 8:08:00 PM)
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Spending a career in the military is an unwritten contract between the serviceman or woman and the US. Part of that contract is the pension. For that pension, military people pay in a lot of ways, none the least of which is the real possibility they may pay with their life. If the lucrative pension opportunities were not there, the quantity and quality of folks willing to put up with the almost daily inconveniences (compared to most civilian occupations) of military life would undoubtedly be reduced.
Spending a career in the military also means giving up the opportunity to excel in the business world and acquire significant wealth. I had a 2nd Lt working for me who had that very decision to make -- his father was very well connected and he could have left the Air Force and in his words "led a very comfortable life". Instead, thank God, he chose to give that up to serve, and is now a two star general. His brother, on the other hand, did not choose the military path and was a multimillionaire by the time he was 30.
Nasreddin Hodja
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| Name: |
GoneFishin
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| Subject: |
Hodgieeee
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Date:
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1/3/2011 8:44:33 PM
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I do't begrudge anyone collecting a military pension. I was responding to an earlier post by Maj which was as follows:
"I read somewhere today that 40% of Americans rely on the government. I think this a generality… but certainly an eye opener. If I am retired military, does this mean I rely on the government? (The government got something in return for my pay.) Please note that I am not solely relying on the pittance that repays me for 23 years of service."
His reference to a "pittance after 23 yerars". In industry you don't receive a full pension after 20 years pitance or not unless you are 62 or 65. I was not demeaning the military as I served but not as a career member.
I read that you contribute 2.5% to your military pension. How is the contribution made to military pensions invested? Is the benefit guaranteed by the government?
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| Name: |
MrHodja
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| Subject: |
Hodgieeee
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Date:
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1/3/2011 9:11:56 PM
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One can't "retire" after 23 years in the military. Its more like a mid-life career change, because - officer or enlisted - you can't manage a family on what you get in retired pay.
I completed 22 years and 3 months of service 21 years ago. At that time I had three children, the oldest was 19 and the youngest 5. My income was whacked by over half and two of the kids still needed raising. But that is where the unwritten contract comes in. We put up as a family with conditions less peasant than we would have as civilians (don't get me wrong it wasn't bad, it just wasn't as good) - and knowing the option to return to civilian life after 20 or so years with a little check guaranteed every month was part of the motivation to put up with the less pleasant parts of military life.
I have no idea what the 2.5 percent might be under current retirement guidelines. When I served one could retire after 20 years with 50% of their base pay (which was less than the total compensation amount) - and for each additional year one stayed beyond 20 the retired pay increased by another 2.5% of base pay - up to a maximum of 75% after 30 years service.
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| Name: |
alahusker
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| Subject: |
To Big to Fail
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Date:
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1/3/2011 10:27:25 PM
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Compared to a one term member of the House or Senate, military pensions and benefits are not so hot.. forget the fact many military members are currently sleeping in the desert in tents while wives and spouses are struggling to raise families on the other side of the world.. Trust me on this one Pal, most military veterans, especially those that have been shot at, believe they have earned their small retirement. Actually some are of us are a bit bothered by those who think we are on a 'fat cat" federal dole..
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| Name: |
GoneFishin
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| Subject: |
Hey Palsie Huskie
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Date:
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1/3/2011 10:38:20 PM
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Who has a problem with the military pension?
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| Name: |
Talullahhound
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| Subject: |
To Big to Fail
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Date:
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1/4/2011 7:59:12 AM
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I think that it is going to be increasingly difficult to recruit anyone into any kind of public service job, be it the military or the person that processes your drivers license at the DMV. (Not saying it it the same)
Keep in mind, that it's not like a public service employee is given a choice -- to manage their own retirement funds or to go with the system in place. A portion of public section salaries are subject to mandatory retirement contribution and based on that contribution, there is supposed to be a guarenteed system of retirement compensation.
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