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What I will say about government pensions is the same thing I've always said.
Pensions are a form of compensation. Nothing more or less. If you want to look at how teachers, or cops, firemen, or judges, or public defenders, or clerks in govt offices are paid on an annual basis, then by all means go ahead and include the annual cost of the pension in your analysis of their pay. If you think it's too high, and that paying people in government jobs substantially less is going to be good for the job market or for the economy (not to mention the public good), then hey,...have at it.
By the way, fun fact: I was middle aged when I started teaching and my pension won't be more than half of my salary. If I work in to my seventies, then it will be ever so slightly more than half of my ending salary ( I won't be doing that - I'll probably work full time until 68 or so, a little over 20 total years - with a pension less than half of my ending pay). So you need not envy me.
marcus saysBy the way, fun fact: I was middle aged when I started teaching and my pension won't be more than half of my salary.
Just think if YOU started saving for retirement for yourself back in your 30's (like us responsible people did). Then you wouldn't need the government to bail your ass out.
How is it fair the taxpayers have to pay for your retirement when YOU screwed up and didn't plan for it?
marcus saysBy the way, fun fact: I was middle aged when I started teaching and my pension won't be more than half of my salary. If I work in to my seventies, then it will be ever so slightly more than half of my ending salary ( I won't be doing that - I'll probably work full time until 68 or so, a little over 20 total years - with a pension less than half of my ending pay). So you need not envy me.
I'm going to give your a raise Marcus. Approx. 10.25% of your pay goes to CalSTRs so you never see it while working. So final pension (20 years of service) pay is:
48/89.75 = 53..5% take home pay (salary - retirement contribution).
And this also means a wannabe teacher can fritter their twenties away, start teaching at 30 and still retire with "max" take home salary after ~37 years of service (89.75/2.4). FICA is for suckers.
Is breaking promises, and ruining the lives of people that spent their lives working in service jobs really the solution ?
He will collect SS
Strategist saysYes, it is the solution.
I can see your true colors coming through.
and ruining the lives of people that spent their lives working in service jobs really the solution ?
I think California is a great place to open up the first boomer concentration-retirement camps. Start prototyping now before the rush. Get some voice-of-the-customer feedback then iterate the design.
I was middle aged when I started teaching
You might only be aware of the recent coming to a head of a couple issues in the California supreme court. You don't see the progress much, from the other reforms becasue both calpers, and calstrs have lowered their assumptions about returns. But contributions to the funds have gone way up, and many of the the tricks for spiking or using accumulated vacation days have ended.
The teachers who started late, would receive a low social security based on contributions before going into teaching.
I don't think I have encountered one who was not suffering from some degree of PTSD.
for doing absolutely nothing.
Government workers who don't do much to begin with, have no right to retire 10 years earlier with full pay for the rest of their lives, while the citizens they should be serving have to keep working to pay for government pensions.
It's disgraceful.
Ceffer saysI don't think I have encountered one who was not suffering from some degree of PTSD.
I did not know that writing traffic tickets, sitting on your ass in office, sleeping in police cruiser for hours at a time, and frequenting Dunkin Donuts would give anyone PTSD.
One things about cops, though, I don't think I have encountered one who was not suffering from some degree of PTSD.
Pensions are a form of compensation. Nothing more or less. If you want to look at how teachers, or cops, firemen, or judges, or public defenders, or clerks in govt offices are paid on an annual basis, then by all means go ahead and include the annual cost of the pension in your analysis of their pay.
If you think being a cop or a fireman for 30 to 35 years is such a sweet deal, you should have done it yourself, instead of being envious of those that did.
Truth. Have a family friend who was shot in the shoulder in the line of duty and is now on permanent disability. Not only that, but his knees are totally fucked up from taking down/tackling/cuffing resistive perps. Constantly on painkillers, basically he's addicted to codeine and miserable. But hey, that pension!
When I add in the value of their pensions, and I do, public employees are compensated vastly greater than private company employees.
then you know that cutting public sector compensation ultimatley hurts the private sector workers
marcus saysthen you know that cutting public sector compensation ultimatley hurts the private sector workers
Only if all those LA Teachers are retiring in LA. Otherwise, they cash their checks, go to the doctor, go grocery shopping, and buy homes in... Arizona.
But LA businesses and workers, not Arizona companies and employees, pay for it.
Everyone who gets CA pension retires outside of it, pays no taxes. call it winning?
How exactly do teachers and police officers make the $500k/year which would equate to $5m nest egg?
It incentivizes people to suckle a public service job which does little benefit
$5 million annuitized at 5% is 250K a year for 30 years. How many retired teachers do you think get even a 4th of that ?
Pulled your numbers out of where ?
$5 million annuitized at 5% is 250K a year for 30 years. How many retired teachers do you think get even a 4th of that ?
One things about cops, though, I don't think I have encountered one who was not suffering from some degree of PTSD.
Is 5% the current annuity rate?
marcus saysI was middle aged when I started teaching
during the fallout from the dot.com collapse, I read an article in the SF Chronicle about teachers who started in middle age, and how their social security got messed up.
I did not know this, but California teachers are opted out of social security. It means, they don't pay into it, nor do their employers. They do the pension instead. The teachers who started late, would receive a low social security based on contributions before going into teaching. But, because they started late, nor would they accrue a large pension benefit.
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