The Gov't is Looting Your Retirement Fund!

**nnuut** · 02-19-2010, 10:21 PM

Will they downsize our retirement like they did GM? Spend spend spend spend!

Is Congress Looting Federal Employees' Retirement Funds?
February 17, 2010

Are the retirement funds federal employees contribute to the CSRS or FERS annuity trusts being used by Congress to pay down the national debt?
An expert in the field of geographic economics says it is true. William H. Fruth. the national director of 10 Amendments for Freedom, issued this report:
As of January 1, 2010, the amount of money owed to federal civilian and military pension trust funds passed the $1 trillion mark as Congress continues to loot all of the federal government's trust funds to pay for deficit spending.

More money is now owed by the federal government to these two funds than what is owed to China.
"In the future, little kids in kindergarten, and their children, will have to repay these funds," stated Fruth.
"Those responsible for creating this massive, unconscionable debt will be dead and gone, not able to hear the howling curses directed toward them by those who will have to pay in the future."
For the first three months of the 2010 fiscal year (October, November, and December), Congress borrowed more than $400 billion to pay for its deficits. Of this amount, Congress spent more than $65 billion of the money which is supposed to be in federal government workers retirement funds.
A trust fund is like a savings account. Money is deposited into the fund to be spent another day, when it is needed. The Social Security Trust Fund is the best known. However, Congress has spent all of the savings in all of its trust funds.
The following chart shows the national debt and the money which has been borrowed from several trust funds as of January 1, 2010.

Each month federal workers and the federal government make a deposit into retirement funds which are to be drawn upon when workers retire.
However, Congress has spent all of the money in the Federal Civilian and Military Retirement Funds to pay for deficits. More than $1 trillion is now owed to just these two funds. "When these people retire, taxes will have to be increased to replenish the funds," Fruth continued. "This financial burden will fall upon today's youth."
http://www.myfederalretirement.com/public/611.cfm

**GUCHI** · 02-22-2010, 03:12 PM

hey all

does anyone know the minimum retirement age for FERS employees ???

thanks
guchi

**Frixxxx** · 02-22-2010, 03:51 PM

Originally Posted by GUCHI

hey all

does anyone know the minimum retirement age for FERS employees ???

thanks
guchi

http://www.opm.gov/retire/pre/fers/eligibility.asp

**GUCHI** · 02-22-2010, 04:02 PM

Frixx

thanks my man !!!

**FAB1** · 02-22-2010, 06:41 PM

So theres really no money in our TSP's? Just a big fat I.O.U.

Nice.

Clowns.

**Silverbird** · 02-22-2010, 08:25 PM

Good news, not TSP
TSP money is actually invested in something.
Bad news. FERS and CSRS are equivalent to pension funds. So they could possibly be AWOL; and they are one of the other two (if you are FERS) legs of our retirement, and the social security leg is looking slightly gimply.

**WorkFE** · 02-22-2010, 11:32 PM

Originally Posted by Silverbird

So they could possibly be AWOL; and they are one of the other two (if you are FERS) legs of our retirement, and the social security leg is looking slightly gimply.

Sucks to be me

**Frixxxx** · 02-22-2010, 11:45 PM

Originally Posted by Silverbird

Good news, not TSP
TSP money is actually invested in something.
Bad news. FERS and CSRS are equivalent to pension funds. So they could possibly be AWOL; and they are one of the other two (if you are FERS) legs of our retirement, and the social security leg is looking slightly gimply.

My retirement was looking like this:

58: retire with annuity from Civil Service
59 1/2: take monthly payments from TSP
60: Receive military retirement

81: Finally get my first SS stipend of $0.22 mailed to me with a $2.00 Stamp!

Everyone under 50 repeat after me: I will not have social security, I will not have social security.

**WorkFE** · 02-23-2010, 12:08 AM

With 15 years before I turn 60 as long as I did not have to pay SS anymore I would let them have it and never ask for it. But then again why do that when they can just keep acting like they want to fix it, take our money and when absolutely necessary cry that its our fought for borrowing and asking for to much. I got news for them, all of my loans are backed by my own cash. Quit letting people borrow more than they are worth. If we were not constantly trying to bail out every tom, dick and harry and contolled our spending we would not be in this position.

**burrocrat** · 02-23-2010, 01:29 AM

Originally Posted by Frixxxx

My retirement was looking like this:

58: retire with annuity from Civil Service
59 1/2: take monthly payments from TSP
60: Receive military retirement

81: Finally get my first SS stipend of $0.22 mailed to me with a $2.00 Stamp!

Everyone under 50 repeat after me: I will not have social security, I will not have social security.

i will not have social security, i will not have social security.

that sucks because i have a work (and tax) record going back to when i was 14. cleaned up a meat department in a local store for two years when it was still sawdust, scrapers, brushes and bleach, before i turned 16 and they could put me out front, what a promotion bagging groceries and pushin cart for folks.

but i was king of the world, and it was my oyster, bought a '72 plymouth when i was 15 for $100 cash of my savings (big money back then) and spent a year fixing it to run for when i got my license. it used to bug me about those kids who got - cue bob barker track - 'a brand new car' for their birthday, but i have since learned to appreciate the opportunities and lessons i had, let me tell you the windows in a '72 plymouth fog up just the same as in a corvette.

i'm afraid our kids no longer enjoy those limitless possibilities and it makes me sad. we did everything right, well sometimes wrong but we always tried and believed it would pay off, not so anymore. it's a shame.

i don't want it back for me mind you, i already know my fate and am comfortable with my final destination, but hope my kid can experience the same optimism, we need some things to change.

i will not have social security, i will not have social security.

**nnuut** · 02-23-2010, 02:09 AM

Originally Posted by Silverbird

Good news, not TSP
TSP money is actually invested in something.
Bad news. FERS and CSRS are equivalent to pension funds. So they could possibly be AWOL; and they are one of the other two (if you are FERS) legs of our retirement, and the social security leg is looking slightly gimply.

I hope that FERS/CSRS AWOL thing isn't retroactive The Wife and I will see you in the Soup Line!!