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9
Granny 9 points ago +9 / -0

Govt employees must be switched from pensions to 401k's. For the sake of our kids' and grandkids' future!!!

5
Konsaki 5 points ago +5 / -0

Government retirement has been changed to be very... unprofitable for the employee, assuming you've been hired after 2013.

Basically, 4-5% of your annual wage is 'paid back' into a mandatory 'retirement fund'. Then, if you manage to survive until age 62 and retire from government work, you get 1% of your annual wage back per year for each year you worked.

Basically, factoring in any interest you could have been earning on that money for all those years you worked, you have to survive at least 7-9 years after retiring to 'break even'.

So, yeah, the government retirement system's already changed. Right now, it's waiting for it to propagate through the entire workforce.

2
Granny 2 points ago +2 / -0

Didn't know. Is that federal? Or which state?

3
Konsaki 3 points ago +3 / -0

Federal

1
SlickMahony 1 point ago +1 / -0

I know my local city takes up to 15% from employees to fund the pension, but their pension is much more generous than outlined above (I believe)