WSJ: Congress Is Going After Your Pension, Not Theirs

Diane Ravitch's blog

Today in the Wall Street Journal, a story that is enraging. The people with the best pension in the world want to slash yours!

“The lucky participants in one of the best retirement plans around are coming after yours with a meat cleaver.

“In the early stages of negotiating tax reform, Congress is already considering whether to reduce the benefits of contributing to a 401(k) and similar retirement plans — even as U.S. representatives and senators bask in the safety of the pension system that taxpayers fully fund for federal employees.
Alongside several million U.S. government workers, members of Congress participate in the Federal Employees Retirement System, which wraps their current savings and future pensions in a cushion of comfort that most American workers can only dream of.

“Only about 13% of employees nationwide are covered by both a 401(k) and a traditional pension that assures stable, lifelong income, according…

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