We are arguing over a subjective measure, but I'll maintain that the benefits package is pretty rich.
Is it the federal pension that you find so morally objectionable? Because the reason the federal pension still exists while private pensions are in decline is that the federal pension system is fully funded, responsibly managed, and not raided to juice quarterly earnings the way so many corporate pension plans were. We should be celebrating the fact that the federal government appears to be more fiscally responsible than private enterprise, at least in this one department.
You are arguing against things I am not claiming. Everything you mention is great. All I am saying is that federal employees are not underpaid, particularly because their benefits, and especially their pension, are excellent.
Like I said in my earlier post, a federal pension for GS15 or higher employees is worth *millions* of dollars,
First, gs15 is the highest gs grade available so that's bit of an unfair comparison to your average worker. More like corporate executive pay, and I assure you those folks get great benefits.
Second, like all gs employees 15s just endured a three year pay freeze. 0% raises, set by congress, regardless of job performance. How much more do you want to cut?
I agree that GS15 is high, but its still pretty good from GS13 on up. Re the pay freezes, they still got COLAS, and spot bonuses, and average middle class wages haven't grown much either. So that seems appropriate.
Third, the pension is only valuable if you stay in federal service for your entire career and work until traditional retirement age. Early retirees get hosed. Anyone who leaves for private sector gets hosed (on the pension, but paid a bunch more once they get out). From that perspective, the pension only partially offsets their lower paychecks for all of those decades.
Yeah, but that's how pensions work. I'll agree early retirees don't get as much benefit from the pension, but we are talking about average Jane worker, not people interested in RE. If you want to retire early, you want to front load your earnings as much as possible and seek highest immediate dollars. Plus, if I'm not mistaken after a certain bit early retirees can still get some of their pension.
Fourth, federal employees contribute 4.4% of their pay each year towards pensions that only pay out 1% per year of service. A person's salary is basically irrelevant in this case, because it is all based on percentages, so you can stop trying to exaggerate the situation by quoting "millions" in pension value without mentioning the amounts paid in.
So much dishonesty here it upsets me.
According to
this, it's 3.1%, and it's only for people hired after 2012. And it seems pretty generous to pay in 3.1% to get up 1% per year of service for as long as you live in retirement. Im not exaggerating. If my wife retires at 60, with 30 years of service, and lives 30 years, she will collect millions in todays dollars. On top of her TSP. And SS.
Im not sure what's dishonest, except your 4.4% claim, and the implication that all federal employees are paying it. And, it's just an opinion. Federal pay is fine.