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Thread: House Panel Backs Major Military Retirement Overhaul

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    Banned sandsjames's Avatar
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    I'm forced (by choosing to work a GS job) to pay out over 4% of my pay each month for the Federal Retirement plan. I find it to be an absolute joke that there is a MANDATORY retirement plan that I have to pay that much into.

    The government is waging their bets that I will die before retirement age and they will get to keep the money.

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    Quote Originally Posted by sandsjames View Post
    I'm forced (by choosing to work a GS job) to pay out over 4% of my pay each month for the Federal Retirement plan. I find it to be an absolute joke that there is a MANDATORY retirement plan that I have to pay that much into.

    The government is waging their bets that I will die before retirement age and they will get to keep the money.
    If you choose to resign early, you fill out a form to get all of your FERS contributions returned to you.

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    Banned sandsjames's Avatar
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    Quote Originally Posted by FLAPS, USAF (ret) View Post
    If you choose to resign early, you fill out a form to get all of your FERS contributions returned to you.
    Yes, it does. But if I stay in, I'm losing a couple hundred bucks a month. I don't need the money when I'm in my 60s. I'd be much better off having it now. But, apparently, the government knows what's best for me and my finances.

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    Senior Member CYBERFX1024's Avatar
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    Quote Originally Posted by Stalwart View Post
    If this were my retirement plan, and coupling that with the amount of deploying I have done (which is an opportunity to siphon a lot of money into investments without paying tax on your salary at the time) ... Whoa
    I agree as well. I am not a fan of the Social Security system as a whole because I believe by the time I retire it won't be there in the way it is right now at all. So why not allow me to invest that money in anyway I see fit right now and make a good return on my money? I am not a dummy keeping my stuff in high risk when I am close to retirement, I know I have the option now to do that because I am young.

    I was like Whoa as well because I left the Marine Corps in 2009 and never thought about my tsp again at all. Then 3 years later I become a GS and I look at my tsp again and it has almost tripled from what it was back in 2009.

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    Senior Member Stalwart's Avatar
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    Quote Originally Posted by sandsjames View Post
    I'm forced (by choosing to work a GS job) to pay out over 4% of my pay each month for the Federal Retirement plan. I find it to be an absolute joke that there is a MANDATORY retirement plan that I have to pay that much into.

    The government is waging their bets that I will die before retirement age and they will get to keep the money.
    I think you can thank the American Federation of Government Employees for that.
    The most important six inches on the battlefield is between your ears.

  6. #46
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    Quote Originally Posted by sandsjames View Post
    I'm forced (by choosing to work a GS job) to pay out over 4% of my pay each month for the Federal Retirement plan. I find it to be an absolute joke that there is a MANDATORY retirement plan that I have to pay that much into.

    The government is waging their bets that I will die before retirement age and they will get to keep the money.
    YEOUCH. Forced to participate? Is that even legal?

  7. #47
    Banned sandsjames's Avatar
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    Quote Originally Posted by garhkal View Post
    YEOUCH. Forced to participate? Is that even legal?
    Apparently so. I would imagine it's part of the "contract". "Federal Employees Retirement System." Just a way for the government to pocket some money while hoping I die so they never have to pay it back.

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    Junior Member INGUARD's Avatar
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    Quote Originally Posted by sandsjames View Post
    I'm forced (by choosing to work a GS job) to pay out over 4% of my pay each month for the Federal Retirement plan. I find it to be an absolute joke that there is a MANDATORY retirement plan that I have to pay that much into.

    The government is waging their bets that I will die before retirement age and they will get to keep the money.
    Did you hear about the WWII retiree that paid into the SBP and then his spouse died before him. He wanted to transfer it to his new spouse but DFAS denied it and he lost his money.
    Disclaimer - "This post was written because you wanted me to respond to it"

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    There is nothing to fear but fear itself.

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    Quote Originally Posted by INGUARD View Post
    Did you hear about the WWII retiree that paid into the SBP and then his spouse died before him. He wanted to transfer it to his new spouse but DFAS denied it and he lost his money.
    Yeah, I didn't pay into that either. If I'd done the SBP, the life insurance, the TSP, etc, Tricare, and all the other "recommended" programs, I wouldn't have a retirement check.

    It's crap that he couldn't transfer. Doesn't surprise me, though.

  10. #50
    Junior Member INGUARD's Avatar
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    Quote Originally Posted by sandsjames View Post
    Yeah, I didn't pay into that either. If I'd done the SBP, the life insurance, the TSP, etc, Tricare, and all the other "recommended" programs, I wouldn't have a retirement check.

    It's crap that he couldn't transfer. Doesn't surprise me, though.

    Good to know. I do not know how much of these programs will costs but sounds like I wont take it as well. You didn't take tricare for life? Then what medical insurance are you using?
    Disclaimer - "This post was written because you wanted me to respond to it"

    Quote Originally Posted by me View Post
    There is nothing to fear but fear itself.

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