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So should the average Joe be allowed to get a separate social security retirement check for every job he 'did the time/service for'? The answer is no because it is not fair and would bankrupt the system. Spiking, double or triple dipping is stealing. It may be working the system, but it is stealing none the less.
You have no clue what you are talking about here but I think possibly you are use the double dip term differently. For one thing it isn't stealing because it doesn't violate any laws! Gaming a system legally is the same as someone taking advantage of tax laws to save money. Are they wrong for paying less taxes because they hired an accountant and itemized instead of taking the standard deduction? Anyone with a legal or financial background would say NO.
A person can work for multiple fortune 500 companies and get multiple pensions. A person can work for the military , get a pension. Then work for the state, get a pension, then work for a private business and get a pension.
Your SS comparison makes no sense. SS pays based on the total amount of work credits and salary amount someone worked in 30 or 35 years. So it is actually double if someone works double the amount of years as someone else and has a larger salary. The amount one get is determined by every job one ever works. It follows you until 65. You can't compare SS to an employee pension which is based on employment with that SPECIFIC company/organization/state.
A gov't pension or a private pension is similar but it is based on combination of contributions and amount of service.
For example in California IKNOWEXACTLY mentioned state workers (or cops?) get 3% per year of work.
If they hypothetically worked 40 years they would get 120% right?
Well if they only work at the job for 20 years and decide to leave and take only 60% how are they STEALING if they then decide to spend the next 20 years working in a different job that has a pension? Maybe the next job only pays 2 % a year so they get only 40% after 20 years.
In this case the worker actually gets 2 pensions but it is = to less than if the worker stayed for 40 years in the 1st job.
Again I don't think you understand how pensions work!
Even a 401k. Someone can have 5 different jobs and 5 different 401k's, 1 from each job, if they worked for 5 different companies and didn't roll it over into one.
There is nothing illegal about it so your use of the word STEALING borders on ignorance. And there is nothing un moral about it because they are being credited for the amount of years they work! What difference does it make if they get 1 big pension or 3 smaller ones from 3 different employers?Right? Use common sense
Yes it is illegal to get more than 1 pension from the same gov't... that is a different type of double dipping vernacular that the media sometime uses. Were you maybe thinking about that?
Hey you want a pension go do a job that gives one and stop your whining lol. I hear Costco is hiring and I heard they give pensions. Same theory. A certain % for the amount of time on. And realize that employees pay contributions into their pension plans in addition to ss deductions. So while you pay 7% fica. They pay that and maybe another 10%(every dept is different , ranges 3%-15%).
In California they don't pay into SS while working for the gov't so they actually don't get SS if there only credible work is in public service!
Disability pensions are a whole different matter but it is funded like insurance is. But since they are forced out early and pensions don't move up with inflation obviously they need to work once again. No one can tell someone what type of job to go for. A gov't employee will usually only be qualified for gov't work..there is no GI BILL for public workers you know.
And the corruption here is actually the gov't forcing people into early retirement to get rid of those they don't like and save money. Trust me they love forcing cops to retire. The head of the pension section explained to me that the city wins:
They retire a guy who is capable of less. His pension comes out of the pension fund NOT the general budget. So now if the salary was 100k they have in the budget 100k to hire 2 rookies for the price of one or use the other 50k to fund feminist and transgender operations.
ps--in some states yes the politicians say the pensions are bankrupting them, but what they don't tell you is that they funneled the money out of the pension funds for their own projects and now complain that they need to refund it. Imagine if they funneled out your 401k and then said they don't want to repay it...it is bankrupting them. Stop reading paparazzi media!
In NYC... the city actually profits off the pension funds. Since most of the last 30 yrs the pension funds have surplus they actually made a deal where they pocket the excess...logically shouldn't the pension system keep the money?
The amount needed to fund pensions and the contributions are both calculated by actuaries from the day I got hired based on my age at the time and my retirement day and it is deferred compensation, part of the package. So instead of making 100k..the cop gets 70k and 30k is deferred until later.