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Thread: Attack on FERS

  1. #13

    Default Re: Attack on FERS

    Quote Originally Posted by FireWeatherMet View Post
    Not happy that some workers could still retire with dignity, lawmakers have introduced a new bill that would reduce FERS into a retiremnt system that is worse than Burger Kings retirement...by eliminating the 1%/yr computation for the reduced federal annuity portion.
    What would be the Burger King retirement that FERS would compare unfavorably to? Is it because they match the first 6% and FERS is only 5%?
    Official Retirement Date: 06-31-2014!

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  3. #14

    Join Date
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    Default Re: Attack on FERS

    Quote Originally Posted by SkyPilot View Post
    What would be the Burger King retirement that FERS would compare unfavorably to? Or is this just a kind of political sarcasm?
    Burger King offers 6% on their 401(k) matching, and allows you to save up to 50% of your salary in the 401(k) plan.

    Source:
    http://bkcareers.com/benefits.aspx

    They also offer:

    <LI jQuery1301491968755="68">Medical Medical

    Here in the Kingdom, we know it’s important to be healthy and happy! That’s why Burger King Corporation (BKC) offers three great medical plan options to choose from. Each comes with 100% coverage for important preventive care and a health fund account to help you pay for covered health care expenses today or in the future, even at retirement. Now that’s royal treatment!

    <LI jQuery1301491968755="69">Dental Dental

    Without healthy teeth, how are you supposed to enjoy a delicious WHOPPER® sandwich? Our dental plan covers cleanings at 100%. It also covers basic and major dental services as well as orthodontia coverage for you and your eligible dependents. Now that’s something to smile about!

    <LI jQuery1301491968755="70">Vision Vision

    The Vision Plan provides insurance coverage for eyeglasses, contact lenses, and even discounts on Lasik laser vision correction surgery. Can you see yourself working for the King now?

    <LI jQuery1301491968755="71">Flexible Spending Accounts (FSA) Flexible Spending Accounts (FSA)

    Take advantage of a Health Care and/or Dependent Care FSA which lets you set aside tax-free money to pay for certain health and/or dependent care expenses. That’s because what you put into your FSA comes out of your paycheck before taxes are applied. And who wouldn’t want to pay less taxes?

    <LI jQuery1301491968755="72">Disability Disability

    BKC provides benefits like short-term disability coverage at no cost to you. You even have the option to buy long-term disability coverage, providing you with income replacement if your disability exceeds the short-term period. These plans can provide peace of mind, which is priceless.

    <LI jQuery1301491968755="73">Life Insurance Life Insurance

    When you work at BKC, you’ll get basic life coverage equal to 1x your pay at no cost, with the option to buy up to 5x more coverage at competitive group rates. Dependent life insurance for your spouse/domestic partner and child(ren) is also available.

    <LI jQuery1301491968755="74">Business Travel Accident Insurance Business Travel Accident Insurance

    Up to 5x pay is also provided by BKC for at no cost to you for business travel related accidents.

    <LI jQuery1301491968755="75">Domestic Partner Benefits Domestic Partner Benefits

    You are eligible to enroll your same or opposite sex domestic partner in our medical, dental, vision and life insurance plans.

    <LI jQuery1301491968755="76">401(k) Savings Plan 401(k) Savings Plan

    Save up to 50% of your pay through the Burger King 401(k) Savings Plan. And, to help you jumpstart your savings, how does a dollar for dollar match on up to 6% of your pay sound?

    <LI jQuery1301491968755="77">Paid Time Off Paid Time Off

    Working here is fun, but let’s face it, we all need a little time off. That’s why BKC offers a competitive paid time off program including up to 5 weeks vacation, paid company holidays and two personal days a year.

    <LI jQuery1301491968755="78">Tuition Assistance Tuition Assistance

    To help you further your education for job or career development, we offer Tuition Assistance of up to $5,250 per year for an undergraduate degree and up to $10,000 per year for graduate and post-graduate degree programs.

    <LI jQuery1301491968755="79">Employee Assistance Program (EAP) Employee Assistance Program (EAP)

    The Employee Assistance Program offers 24/7 access to resources and helpful information designed to assist you and your family with issues such as childcare, work-life balance, eldercare, financial matters, etc. Now that’s royal help!

    <LI jQuery1301491968755="80">Adoption Assistance
    They are hiring right now too.

  4.  
  5. #15

    Default Re: Attack on FERS

    Quote Originally Posted by SkyPilot View Post
    Just interested, which specific state and local agencies are you be referring to?
    Illinois has more than you can imagine where this happens. Plus, no state income tax on retirees, paid medical for the state police and they no longer pay into their retirement...this makes for about a 120% of their last year for take home.

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  7. #16

    Default Re: Attack on FERS

    Quote Originally Posted by Mcqlives View Post
    Illinois has more than you can imagine where this happens. Plus, no state income tax on retirees, paid medical for the state police and they no longer pay into their retirement...this makes for about a 120% of their last year for take home.
    Wow... wouldn't want to live in Illinois and pay their taxes though... Make the money and run to South Dakota for retirement
    Official Retirement Date: 06-31-2014!

  8.  
  9. #17

    Join Date
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    Default Re: Attack on FERS

    Quote Originally Posted by SkyPilot View Post
    Wow... wouldn't want to live in Illinois and pay their taxes though... Make the money and run to South Dakota for retirement
    That's just sick!
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

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  11. #18

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    Default Re: Attack on FERS

    Quote Originally Posted by James48843 View Post
    Burger King offers 6% on their 401(k) matching, and allows you to save up to 50% of your salary in the 401(k) plan.

    Source:
    http://bkcareers.com/benefits.aspx

    They also offer:


    They are hiring right now too.


  12.  
  13. #19

    Join Date
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    Gainesville, Florida, USA
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    Default Re: Attack on FERS

    I believe that Burger King is now owned by a private equity firm and they probably need the write offs to reduce their tax burden. They offer good up front benefits but the vesting period probably knocks a lot of the lower eschelon employees out over time. It's best to own a franchise.

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  15. #20

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    Bush, Louisiana
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    Default Re: Attack on FERS

    All those benies at BK sound good. With what they pay how many of their employees do you think partake? You know the after school employees aren't, and anybody working there with a family probably isn't in a position to contribute to a retirement plan or even pay their share of the health, vision or dental plans. They're working for as much extra income as possible.

  16.  
  17. #21

    Join Date
    Aug 2010
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    Default Re: Attack on FERS

    Personally I'd be more concerned with this:

    http://moneymorning.com/2010/01/27/retirement-plans/

    I realize this is from Jan 2010, but the fact that some in congress think it's a good enough idea to have the person who dreamed it up come talk to them, gives cause for concern. Doing away with the pre-tax investment option would put a lot of tax money in the congressional coffers. How would you like the people running SS, Medicare and Healthcare, running your retirement plan? Scary thought.

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  19. #22

    Default Re: Attack on FERS

    Quote Originally Posted by FireWeatherMet View Post
    The Burger King point I was trying to make...was that if the proposed bill reduced Federal retirement to a 5% matching 401K and whatever is left of social security, then federal retirement would be not only worse than any other state or local gov't...it would be worse than any of the largest 500 companies in the country...and even worse than Burger King.

    If the lawmakers were concerned about making sure the reduced pension portion of FERS was fully funded (and it is in great shape compared to CSRS) they could nudge the employee contribution portion up from near 1% today to perhaps 1.3 to 1.5% and it would be fully funded.

    If they wanted to go to just a TSP, they could at least do a 2% match per 1% employee match for the first 5% of employee contributions.

    But that's not whats being proposed by these lawmakers. They just want to do away with the FERS pension, not give employees a chance to fix it. Not make the 401k matching as good as some larger companies. They want to punish federal employees just like Wall Street CEO's have done to the rest of the working class over the past decade. Anyway that's just my opinion, and I know that opinions vary.

    BTW...many large companies have gone to the FERS model of combined 401K and reduced pension plus Social Security.

    http://www.marketwatch.com/story/new...ons-slow-death

    And there is a recent push for smaller companies to also go to a FERS type retirement model.

    http://www.mainstreet.com/article/re...st-both-worlds
    Are they hiring weathermen at Burger King? Go for it!
    God bless the United States of America!

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  21. #23

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    Default Re: Attack on FERS

    Quote Originally Posted by Viva La Migra View Post
    Are they hiring weathermen at Burger King? Go for it!
    you never know- they could orient their locations based on the prevailing breezes blowing towards McD's direction.

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  23. #24

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    Default Re: Attack on FERS

    HEY!!! Share the Wealth, what's wrong with you? tapfingers.gif



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