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Old 09-11-2019, 11:01 AM
 
Location: Boston
8,557 posts, read 2,496,004 times
Reputation: 6032

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Quote:
Originally Posted by TaxPhd View Post
Ahh... Congrats! You did well.
Thanks, I am very fortunate it worked out well.
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Old Yesterday, 08:53 AM
 
2,730 posts, read 724,761 times
Reputation: 4813
Quote:
Originally Posted by djplourd View Post
Who gets to define what excess is?
US Supreme Court Justice Potter Stewart wrote the famous line: "I know it when I see it." He was referring to pornography, of course. But a similar standard applies to excessive pension largess.

For example, in California, according to public data compiled by http://www.openthebooks.com, a few years ago there were 40,137 high-income pensioners receiving just under $5 billion in pension payments – $3.3 billion from CalPERS and $1.7 billion from CalSTRS. This equates to an average pension received by these high-income pensioners of $124,367, with the most generous pension paying an annualized $373,309.

No one begrudges a teacher receiving a modest pension in her golden years. Yet if you poll a representative sample of Californians and ask them if >$100K pensioners should receive an average of $121K, I suspect you'll hear a resounding "Hell No."

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Or take Illinois. The Illinois $100,000 Club cost taxpayers $12 billion. It's comprised of 93,798 public employees and retirees who earned a new “minimum wage” of $100,000 or more.

Quote:
Our auditors at OpenTheBooks.com found three doctors at the University of Illinois at Chicago with incomes between $1 million and $1.6 million; 633 educators out-earned every governor of the 50 states ($190,000 to $407,000); and 130 small town or government administrators made between $190,000 and $324,000.

Overall, 71,000 public employees at every level of Illinois government received six-figure paychecks. Additionally, 23,000 retirees pulled down more than $100,000 in annual pensions.
Illinois is approaching insolvency and the Public Sector Employee Class and Public Sector Retiree Class are living high-on-the-hog.

Quote:
30,000 teachers and school administrators – Last year, nearly 19,000 current educators earned a six-figure salary while more than 11,600 retired educators received six-figure pensions.

Six retired superintendents pocketed $300,000+ pensions, including Lawrence Wyllie (Lincoln-Way CHSD 210 – $331,086); Henry Bangser (New Trier Township HSD 203 – $321,834); Gary Catalani (Wheaton-Warrenville Unit SD 200 – $320,403); Laura Murray (Homewood-Flossmoor CHSD 233 – $315,221); and Mary Curley (Hinsdale CCSD 181 – $306,151).
Or famously low-cost-of-living Nevada, with no state income tax. Dozens of public sector employees have compensation packages exceeding $1 Million. Countless retired public sector employees with double and even triple-dip pensions at a quarter million for each of the two or three public sector pensions received by the same individual.

Yes, I agree with Justice Potter Stewart regarding the definition of pornography: I know it when I see it.
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Old Yesterday, 02:21 PM
 
Location: Oregon, formerly Texas
5,521 posts, read 3,851,988 times
Reputation: 9390
Yeah, there is a problem in many states where several categories of public employees get way too much. Usually - 1) doctor-instructors at the med schools, 2) college football coaches, 3) high level education administrators, usually superintendents, college presidents, people like that.


Although those are high profile, it's the middle level, middle class workers that are the real actuarial problems. A lot of people state workers can endd with late career salaries in the 80-140k range, now getting 60-120k pensions. They never should have gotten 90%+ of their late career salary as a pension to begin with, but even if you reduced those particular people to zero pension, it would not resolve the problem.


The fact is that pensions as a concept are not viable.


I will note again, many red states without unions have the same basic problems.
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Old Yesterday, 02:37 PM
 
Location: Upstate NY 🇺🇸
36,761 posts, read 10,887,204 times
Reputation: 34943
Here we go again.

Instead of complaining about private companies who scrooed their workers by declaring bankruptcy then re-emerging--but not before they jettisoned their retirees along with promised pension and health benefits--the usual suspects have public pensions in their sights. Again.

1. If you wanted a government pension, you should have taken a government--local, municipal, state, federal-- job. If you didn't, kwitcherbeefin'.

2. Public employees and retirees pay taxes, too.

3. Both my husband and I were public employees who are now retired--and we each enjoy a generous pension. Without guilt.

Enough with the pension envy!

Last edited by Delahanty; Yesterday at 02:48 PM..
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Old Yesterday, 02:46 PM
 
Location: Upstate NY 🇺🇸
36,761 posts, read 10,887,204 times
Reputation: 34943
Quote:
Originally Posted by redguard57 View Post
The public ultimately is in control of everything regarding state worker compensation. Their elected representatives approve the laws that govern public jobs and the budgets that fund them. It was the people's representatives who approved whatever contracts set up pensions in the first place.

The people have the power to elect representatives that will change or eliminate the pensions and/or compensation packages.

If the packages were too generous, it was the people's fault for not paying by attention at the time the state legislatures approved these things.

LMAO! Thankfully for us public retirees, representatives will eliminate their own pensions when this happens:

Should People Who Don't Have A Pension Plan, Pay Taxes That Provide A Pension To Others? What Makes Sense To You?-flyingpigs_med_hr.jpeg
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Old Yesterday, 06:11 PM
 
Location: Boston
8,557 posts, read 2,496,004 times
Reputation: 6032
Quote:
Originally Posted by Delahanty View Post
LMAO! Thankfully for us public retirees, representatives will eliminate their own pensions when this happens:

Attachment 214562
yep they're screwed if they think someone is reducing my pension....ain't happening...
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Old Today, 09:58 AM
 
3,290 posts, read 5,320,239 times
Reputation: 1488
Quote:
Originally Posted by Delahanty View Post
Here we go again.

Instead of complaining about private companies who scrooed their workers by declaring bankruptcy then re-emerging--but not before they jettisoned their retirees along with promised pension and health benefits--the usual suspects have public pensions in their sights. Again.

1. If you wanted a government pension, you should have taken a government--local, municipal, state, federal-- job. If you didn't, kwitcherbeefin'.

2. Public employees and retirees pay taxes, too.

3. Both my husband and I were public employees who are now retired--and we each enjoy a generous pension. Without guilt.

Enough with the pension envy!
Well said.

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Old Today, 07:37 PM
 
Location: Boston
8,557 posts, read 2,496,004 times
Reputation: 6032
Quote:
Originally Posted by Delahanty View Post
Here we go again.

Instead of complaining about private companies who scrooed their workers by declaring bankruptcy then re-emerging--but not before they jettisoned their retirees along with promised pension and health benefits--the usual suspects have public pensions in their sights. Again.

1. If you wanted a government pension, you should have taken a government--local, municipal, state, federal-- job. If you didn't, kwitcherbeefin'.

2. Public employees and retirees pay taxes, too.

3. Both my husband and I were public employees who are now retired--and we each enjoy a generous pension. Without guilt.

Enough with the pension envy!
great post. People should be concerned with improving their own lives, not taking from yours. It's jealousy plain and simple.
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