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5 years of work 4M retirement benefit for Public employee


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2013 Jan 18, 8:57am   2,172 views  3 comments

by SFace   ➕follow (7)   💰tip   ignore  

That's essentially how much a 230K annual bump to the pension is worth, based on reverse annuity. All done in 5 years and not a day more of government work.

That's before whatever was accumulated and whatever will be accumulated.

http://www.sfgate.com/news/article/UC-president-Mark-Yudof-to-step-down-4206304.php

I think our police chief, Heather Fong got 250K annual for being a police chief for 3 years, retired in her 50's. That's a 6M annuity (due to early retirement) for 20 years of being a seageant and 3 years of top cop.

I don't mind compensation but Public service should not be this lucrative.

Comments 1 - 3 of 3        Search these comments

1   MsBennet   2013 Jan 18, 9:08am  

agree!

2   marcus   2013 Jan 19, 9:02am  

I agree too.

But pension reform has been done, at least at the sate level. Caps in place of 132K.

http://www.huffingtonpost.com/2012/09/12/california-pension-reform-bill_n_1878662.html

http://www.sanluisobispo.com/2012/09/07/2216351/viewpoint-what-statewide-pension.html

http://www.edsource.org/today/2012/pension-reform-top-paid-administrators-to-take-biggest-hit/19510#.UPs_NW8qY1I

So your concern is being addressed and may be further.

SFace says

I don't mind compensation but Public service should not be this lucrative.

3   marcus   2013 Jan 19, 9:30am  

Apparently the cap only applies to new employees.

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