FBI Scandal Over Andrew McCabe's 'Lost' Pension Isn't What You Think

[Right_in_Virginia]

FBI Scandal Over Andrew McCabe's 'Lost' Pension Isn't What You Think
Investor's Business Daily, Mar 19, 2018

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McCabe's lucky: At least three congressional Democrats have already stepped up to offer the disgraced former No. 2 FBI official jobs in their offices — hey, it's not their money, right? — so he can qualify for a full pension.

This is being sold as an act of compassion for someone left destitute after 22 years of loyal service. But the fact is, McCabe isn't getting stiffed; he's still eligible for federal retirement benefits. They just won't be as much, and he can't take them right away.  What he does lose is a special deal given to federal employees engaged in police work, fire fighting, security, intelligence or air traffic control that lets them retire early at full benefits after they reach 50 years of age with just 20 years of service.

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The real scandal is that government bureaucrats like McCabe have gamed the system for years to get platinum retirement and benefits packages,  all paid for by the hardworking, taxpaying "deplorables" these same bureaucrats despise.

As one of the federal government's 2.2 million employees, McCabe's pension is subsidized, insured and mostly guaranteed by taxpayers, part of a generous benefits package —  covering health insurance, paid leave and, of course, retirement — available to all federal workers.  Along with having 401(k)-type pensions with a generous "employer" match, federal workers also get a defined-benefit pension, to which they contribute less than 1% of their pay. Oh, and they also receive health coverage when they retire. And Social Security.


More: https://www.investors.com/politics/editorials/fbi-scandal-over-andrew-mccabes-lost-pension-isnt-what-you-think/

[Right_in_Virginia]

 

"In reality, public pension plans offer long-term government workers benefits that make them among the best-off retirees in the country," wrote the American Enterprise Institute in a 2014 study. "Indeed, the average full-career government worker in eight states retires as a 'pension millionaire,' with 23 states paying $750,000 or more in lifetime retirement benefits."

[Concerned]

From the link in the OP:

A Congressional Budget Office study last year noted that "Average benefits were 52% higher for federal employees whose highest level of education was a bachelor's degree than for similar private-sector employees."

As for those federal employees with just a high school diploma, benefits are 93% higher — no, that's not a misprint — than for those with equivalent education in the private sector.

According to data the Bureau of Economic Analysis, which is part of the federal government, in 2016 the average federal employee earned $127,259 in total compensation, compared to $70,764 for the private sector. Meanwhile, federal workers enjoyed average annual benefits of $38,450, compared to average benefits in the private sector of just $11,306.

We'll never be able to truly attack the debt until we attack these kinds of long-term pension and benefit liabilities "owed" federal employees.  The only question is who will have the guts to go after them?