patrick.net

"When you hear a figure like 100K tossed around for those Bart cops, I guarantee that includes ALL BENEFITS."

I don't know abotu BART cops. But here in NJ, when cops make $100k, that is just in compensation. A quick check of the websites of most police agencies confirms this.

In California teachers make good money for 9 month work. It's fantastic in fact, because other 3 month they run around selling real estate (during summer).

It's the pension system that is ballooned, they get more from pensions than an equivalent in the private sector. What corporation out there offers 100% salary around the age of 55 for the life after retirement? They need to rethink the whole thing with pension contributions.

"What corporation out there offers 100% salary around the age of 55 for the life after retirement?"

What about all of the golden parachutes that many executives get? Didn't the former CEO of Exxon Mobil leave with $400 million?

HousingWatcher says

“What corporation out there offers 100% salary around the age of 55 for the life after retirement?”
What about all of the golden parachutes that many executives get? Didn’t the former CEO of Exxon Mobil leave with $400 million?

Most people are not CEO's. Comparing CEO's to a line worker isn't a legitimate comparison.

I think it would be best if they just pegged pension system to private sector. This way when things are going great, and income is high they will get more out of it, and when economy slows down pension system will not bankrupt the state.

ChrisLosAngeles says

What corporation out there offers 100% salary around the age of 55 for the life after retirement? They need to rethink the whole thing with pension contributions.

Reality check: I am a teacher, a Math teacher in fact which you might allow is relevant to what I am about to tell you. A teacher retiring in (Los Angeles) California at 55 with 33 years experience would get a pension equal to about 49% of their ending salary. Note: pretty hard to have more than 33 years teaching experience at age 55 and quite easy to have WAY less.

(Years paying into pension fund) * (age factor) =====>> 33 * (.01480) = .4884

Now if they work until they are 60 (again assuming they started at age 22, and therefore had those large amounts taken from each paycheck for 38 years, with a age factor now of .02067)

38 * (.02067) = .78546

In this case they get nearly 79% of their ending pay. Gosh, I wonder why YOU ABSOLUTELY NEVER hear of teachers retiring in California at age 55.

Finally if this teacher waits until they are 63 the age factor will then be the maximum .024. So then:

41 *(.024) = .984

So if this person retires after working 41 years, and making large payments out of their salary into the fund for 41 years, they can retire with nearly 75K per year.

I have heard of firemen retiring at 55 with higher percentage at 55. I would assume in that case they started at 20 or 22. I guess the government pays in more (in addition to what the worker pays in to the pension fund out of their salary) if you are in certain higher risk jobs. MAybe true for other government jobs as well.

But not true for teachers.