Is the Civil Service Pensions being used like Social Security?

[lovuian]

They have tapped Social Security to pay the debt but have they tapped the Civil Service Union Pensions?

I believe they have
Anybody know the answer

[Long Shadow]

1. Of course--if politicians can access it, they will spend it.

http://www.washingtonpost.com/wp-dyn/content/article/2006/03/07/AR2006030701736.html

[lovuian]

4. Thats what I thought Long Shadow Thanks for the great article

The Treasury Department has started drawing from the civil service pension fund to avoid hitting the $8.2 trillion national debt limit. The move to tap the pension fund follows last month's decision to suspend investments in a retirement savings plan held by government employees.

In a letter to Congress this week, Treasury Secretary John W. Snow said he would rely on the Civil Service Retirement and Disability Fund to avoid bumping up against the statutory debt limit. He said the Treasury is suspending investments and will redeem a portion of the money credited to the fund.
from your link above

evidently that pension fund is gone since they tapped into it in 2006

this should not be ALLOWED!!! Just like Social Security shouldn't be tapped

[InkAddict]

9. Who knows???? There are those pesky deriviative things that

remain off the books. One can't find them on any prospectus of America as a corporation or an inspected too difficult to audit balance sheet. But, for those too big to fail, these exotic beasts are the way in which to bet on that failure of disclosure and make a fortune.

[lovuian]

12. yes where is the Civil Servants Pensions money going

were they involved in derivatives?
Any civil servants out there to give us the heads up?

I know some of my friends funds took a hit

[lovuian]

2. if they haven't why not?

is this the pension that the Congress gets?

[dissidentboomer]

3. In short, no.

[lovuian]

5. What pension does the Congress get?

I'm just curious

[lovuian]

7. Congress belongs to Federal Civil Service

Prior to 1984, neither Members of Congress nor any other federal civil service employee paid Social Security taxes. Of course, they were also not eligible to receive Social Security benefits. Members of Congress and other federal employees were instead covered by a separate pension plan called the Civil Service Retirement System (CSRS). The 1983 amendments to the Social Security Act required federal employees first hired after 1983 to participate in Social Security. These amendments also required all Members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal workers. The result was the Federal Employees' Retirement System Act of 1986.
http://usgovinfo.about.com/od/uscongress/a/congresspay.htm
Their pensions should be the FIRST to be given to the Almighty dept over Social Security

[dissidentboomer]

13. With an average of $60,000? I bet the rules

are different than for the average folk.

[lovuian]

14. I hear a bunch about Social Security being tapped but not

much about the Civil Servants Union being tapped

most of the States are going after city employees pensions and state government pensions

It seems they are open season

[dissidentboomer]

15. I'm sure that's true. MOST congress people DO NOT NEED

a pension. They are at least millionaires. However, their employees sure as hell need pensions. Tapping those pensions does not hurt them personally ONE IOTA but wiping them out would destroy a whole LOT of good, middle class folks.

[lovuian]

16. It needs to be brought up that the Civil Servants Union are in

as much danger as Social Security because it makes no sense that they shouldn't share the burden as well as the rest of the Americans

Medicare cuts should be in tangent with Insurance cuts with the Civil Servants Union as well as Congress

Hey its only fair right

[dissidentboomer]

17. No, it isn't. NONE of them should be in danger.

[dissidentboomer]

8. Not sure of details but it's

much better than and separate from the pensions for the middle class civil service and congressional agency employees. They keep their treasures awaqy from the funds for the "little people".

[lovuian]

11. if they are in the Civil Service Union then their pensions

are long gone ...they tapped it in 2006
Has Geitner proposed using their pensions for paying the debt ceiling
as well as the Presidents before us such as Bush

[Pharaoh]

6. yes they are tapping it

they are criminals, that's what criminals do.

[lovuian]

10. if they tapped it then its gone

its smaller than social security
Do they understand they have given their pensions to the Debt

[WhiteTara]

18. Yes, that's what they're using right now.

The debt ceiling was reached and this is the stop gap. You didn't want to retire, did you?