Congressional pensions are safe for the next 75 years!
This post was updated on .
Congress is having a "money grab party" on everyone else's pension!!!
At the start of FY2006, the Civil Service Retirement and Disability Fund had an unfunded
liability of $576 billion, consisting of a $581 billion deficit for CSRS and a $5 billion surplus for
FERS. Although the civil service trust fund has an unfunded liability, it is not in danger of
becoming insolvent. At no point over the next 75 years will the fund be exhausted. The Civil
Service Retirement and Disability Trust Fund is invested in special-issue U.S. Treasury bonds.
Congress could permit the trust fund to invest in other assets—such as corporate stocks and
bonds—but the effects of such a change on the federal budget and on government ownership of private-sector assets would deserve careful consideration by Congress.
"" One reason that the civil service trust fund will not exhaust its resources
for the foreseeable future is that all federal employees hired since 1984 are covered by FERS. By law, the benefits that employees earn under FERS must be fully funded by the sum of annual contributions made by employees and their employing agencies"".
Only congress can get away with this bullshit......
The most dangerous thing in America today, is a well rested citizenry with time on their hands to actually think for themselves, without media influence.