[JViello]

HARTFORD – Pensions for two dozen retired state employees exceeded the governor’s salary of $150,000 in 2010, according to new data posted to the Yankee Institute’s CT Sunlight Project (CTSunlight.org | Home).

A total of 378 retired state workers received pensions of more than $100,000 last year. That’s up from 175 individuals in 2008 and 299 retirees in 2009. In all, the state of Connecticut paid out $1.2 billion in pensions to 43,070 beneficiaries in 2010.

“Guaranteed pensions of $100,000 a year are basically unheard of in the private sector, but continue to be available to state employees. No wonder state employee unions are resisting Gov. Malloy’s call for modernization and reform,” said Fergus Cullen, Executive Director of the Yankee Institute.

24 Retirees Make More than Governor | Yankee Institute for Public Policy

[Hartford Medic]

Originally Posted by JViello

[indent]In all, the state of Connecticut paid out $1.2 billion in pensions to 43,070 beneficiaries in 2010.

That averages out to about $27,700 per person. I'm sure there are outliers on both the high and low ends.....

[JViello]

Originally Posted by Hartford Medic

That averages out to about $27,700 per person. I'm sure there are outliers on both the high and low ends.....

Not really. You forget people retire from part time positions and/or after only 10 years etc and get 5K 10K.

The average I believe is 50K, and that my friend is living like a millionaire. As my friend who is a financial planner pointed out: "Do you know what it costs to fund a 50,000 annual pension excluding annual healthcare costs? Most advisors recommend a 4% withdraw rate from a 401(k) plan during retirement so the money will last. Using simple math, a $50,000 annual pension would take over $1,000,000 in assets. So yes, they are living like millionaires."

Keep in mind, this does NOT include life long benefits not only for the retiree but for their spouse, even if the retiree dies.

AND not a DIME was contributed into their pension fund personally. This is 100% taxpayer funded.

[Tetto]

Originally Posted by JViello

Not really. You forget people retire from part time positions and/or after only 10 years etc and get 5K 10K.

The average I believe is 50K, and that my friend is living like a millionaire. As my friend who is a financial planner pointed out: "Do you know what it costs to fund a 50,000 annual pension excluding annual healthcare costs? Most advisors recommend a 4% withdraw rate from a 401(k) plan during retirement so the money will last. Using simple math, a $50,000 annual pension would take over $1,000,000 in assets. So yes, they are living like millionaires."

Keep in mind, this does NOT include life long benefits not only for the retiree but for their spouse, even if the retiree dies.

AND not a DIME was contributed into their pension fund personally. This is 100% taxpayer funded.

Sickening...Thing is, like you, I know people on the state payroll and they go crazy when you even hint about the possibility of changing things... Things are so upside down in that respect, it's laughable.

[mlassoff]

What do you propose we do about it?

These employees earned this pension as part of the agreement they had with their employer.

I think you'll agree the state must honor its contracts and commitments. In retrospect, of course, this wasn't smart and the weight of these obligations is crushing. Again I ask: What do you propose we do?

[Hartford Medic]

Obviously a 30 year plan, but if pensions really are the bugaboo here (and I wonder if they are as much as everyone says), stop offering new-hire state workers those options.

[JViello]

Originally Posted by mlassoff

What do you propose we do about it?

These employees earned this pension as part of the agreement they had with their employer.

I think you'll agree the state must honor its contracts and commitments. In retrospect, of course, this wasn't smart and the weight of these obligations is crushing. Again I ask: What do you propose we do?

I'll answer your question with a question.

Should we have honored the contracts and commitments for the bonuses to the AIG excutives who worked for a year for a $1 after a bailout?

[JViello]

Originally Posted by Hartford Medic

Obviously a 30 year plan, but if pensions really are the bugaboo here (and I wonder if they are as much as everyone says), stop offering new-hire state workers those options.

They are sort of.

I forgot to add, many of these employees can retire at 45 years old or younger. I know a state cop who is exactly 45 and will be retiring with a pension of $65,000 a year for the rest of his life. It's wrong.

[mlassoff]

Originally Posted by JViello

I'll answer your question with a question.

Should we have honored the contracts and commitments for the bonuses to the AIG excutives who worked for a year for a $1 after a bailout?

We didn't make those contracts. Those contract were with their companies.

And yes, in cases where there was no criminal activity occurred, those contracts should be honored. However, these workers at AIG and other financial institutions in some cases were so bad at their jobs that the entire world economy has suffered. The results of their actions have been catastrophic. I don't compare the AIG sleaze whose greed caused this recession with an upper level state administrator who showed up to work for 30 years.

[Sgoldie]

The continuing medical insurance coverage would put them over the million dollar return on investment ($50,000 yr pension) especially the cost of it at the age they can retire which can be a thousand dollars or more a month.

Do you know if it's tax free as in New York State?