Risks Seen in Perry Plan for Switch to Pensions

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Gov. Rick Perry of Texas, who has long been a vocal critic of Social Security, outlined a plan last month that he said would preserve the program “for all generations of Americans.” But one part of his plan — to let state and local government workers opt out of Social Security — could add risk to their retirements while sapping money from the system.

The proposal runs counter to the recommendations made recently by a couple of high-profile, bipartisan debt reduction commissions — which called for shoring up Social Security, in part, by enrolling the nearly seven million state and local government workers who are not in the program.

Mr. Perry, whose characterization of Social Security as a “Ponzi scheme” drew criticism from some of his rivals when he entered the Republican presidential race this summer, gave a speech last month in which he called for fixing the Social Security system by, among other things, once again allowing “state and local governments to newly opt out of Social Security and instead allow their employees to pay solely into state or locally run retirement programs.”>>

http://www.nytimes.com/2011/11/06/us/many-see-risk-in-rick-perrys-plan-for-social-security.html?_r=1&nl=todaysheadlines&emc=tha24

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1. He'll cut yours but his pension is secure

Texas Tribune 11/7/11
Perry Entitled to Big State Pension, Health Benefits

As a Texas governor and presidential candidate, Rick Perry has repeatedly turned to the marketplace for policy solutions to health care and retirement security.

But as a private citizen, Perry has generally relied on the government.

Perry is a member of what the Texas Employees Retirement System (ERS) calls “the elected class,” which provides the kind of lucrative pension benefits that have all but disappeared from the private sector.

Under its provisions, Perry, 61, could have retired at age 50 with lifetime health care paid for by the state. To the annoyance of his opponents, he is still in office — and every year he stays will benefit him in the long run.

If Perry retires at the end of his current term, in 2014, he would be eligible to collect as much as $119,025 a year, according to calculations based on 30 years of elective service and optional provisions. Perry will also receive Social Security, which could swell his total public pension benefits to more than $140,000 annually.

The state pays 100 percent of the cost of state employees’ health insurance premiums, and Perry, an Air Force veteran, has had access to taxpayer-supported care since he joined the Texas A&M Corps of Cadets in 1968. He is entitled to state-financed health care for the rest of his life and will be eligible for Medicare after his current term expires.

Why doesn't the hypocrite give up his "public" pension as an example of how much he hates the big government nanny state. Oh that's right - he only means that to apply to workers - not to the elite republicans who live off of the government like him.
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