Pension Tension

With the recent rash of disgraced politicians some folks have begun to wonder why they'll still get their pensions. Fair question. Certainly committing a crime of jailworthy proportions constitutes a "with cause" dismissal which automatically triggers an out in any employment contract. Taking it out a step further, anytime a politician loses an election they were in essence "fired" which, depending on the plan, either eliminates or significantly reduces the pension payout.

So why doesn't Congress have the above provisions? Because the US Congress is the most powerful union in America. They are both labor and management, sweet deal. As a side note, it always makes me giggle with the GOP attack unions. They are a union. Yet somehow every point the GOP makes against unions doesn't apply to them. Look no further than the fact that Congress even has a pension. At a time when corporations are desperate to get rid of them, there is no talk on the Hill about replacing their pension at all. Now that's a strong union.

Personally, I think we should get rid of the pension plan period - for all government employees. Give them a 401(k), let them work, when the leave they can transfer it to their new gig or convert it into a Roth. It would save the tax payers a bundle. I'd tell you how much, but the Feds aren't required to disclose their Pension Liability (unlike the private sector).