Let's talk about EPIC
Arkansas’ 2nd District Congressman Tim Griffin has followed through on yet another campaign promise. Shocker, right? Not really. It’s kind of an epidemic with the guy.
Anyway… the End Pensions in Congress Act (EPIC) is a good start when looking at exactly how to reform Federal Pensions. With government spending being as out of control as it is, why not bring Federal employment benefits to the same level as the private sector? Because, really, you shouldn’t work for the government with the goal of getting rich. That’s what the private sector’s for.
Here are some facts and figures for your enjoyment on this beautiful Friday:
Public vs. Private Sector Pensions
Just 20 percent of private sector employees receive a pension compared to nearly 79 percent of public employees thats four times as many in the public vs. private sector (ABC News, 02/18/11).
According to CRS, federal workers have both a defined benefit pension and a Thrift Savings Plan, equivalent to a 401(k) with up to a five percent match, paid for by the government.
The average private sector employee gets a 401(k) with a three percent employer match and no pension.
Public vs. Private Sector Wages & Benefits
In 2009, government workers (all types) made nearly five percent more than private sector workers on average (ABC News, 02/18/11).
Federal government workers made over 50 percent more than private sector employees – $67,756 vs. $45,155 (ABC News, 02/18/11).
And last, but certainly not least (hold on to your hats folks):
In 2012, the federal government is projected to contribute about $22.2 billion to Federal Employee Retirement System (FERS). By 2065, FERS required contributions from the federal government are projected to rise to $239.5 billion, with the government paying out $415.3 billion in benefits.
Contact Congressman Griffin today and let him know you stand with him in the effort to reform Federal pensions. Then make a phone call to Congressmen Ross, Womack, and Crawford and ask them to stand beside a fellow Arkansan who trying to make a positive difference in Washington.