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There is no doubt that pensions are going to be pulled, even after the fact, more and more from people in the future. I don't agree with it, they earned it, it was agreed upon, but fed, state and local pensioners are in for a rude awakening.
America hates building society up as a group. They would much rather bring people down. It is always about keeping people down when the people at the very top think you have too much.
I am just reading California's generous pensions system for Teachers. When people in the private sector struggle so much and have zero security in retirement why is this type of golden parachute offered to government employees in a time when pension funds are self destructing? Now, my guess is that they will raise taxes which people in the private sector will pay so that these government employees can continue to get their golden parachutes.
Heck, the CA teachers pension is even inflation protected... private people are struggling with keeping up with inflation with ultra low interest rates on their savings and an unstable stock market going forward yet all these protections are free to government employees in retirement.
It's a bit too late for me but probably I should've got a government job 10 years ago, salaries in the private sector have declined and now the private sector does not pay much more than the government sector.
Someone doesn't know the definiiton of "golden parachute;" yours isn't it.
Moreover, pensions were earned as a condition of employment. Others who chose a different path shouldn't complain that their private sector jobs either didn't offer pensions, or scrooed their workers. The latter is what they should be complaining about, rather than adopting the misery loves company attitude.
BTW, in the interest of full disclosure, both my husband and I collect pensions from, respectively, federal and state jobs. If you're expecting an apology, or a whiff of embarrassment, don't.
And another thing: Pensioners pay taxes, too. Believe it.
I was formally a CA government worker of five years until recently and I was in the golden parachute you speak of. No 401k matches, paid 8.5% to that pension plan, 1.5% in union dues. I couldn't stand the bureaucracy and how business was conducted.
Now I'm in private sector, I get awesome matches, higher pay, and that 10% that went to pension and union dues now goes to additional 401k contributions. With normal returns my 401k at retirement will blow away that pension I would of got.
I now love my job, instead of dragging myself to it daily, and I'm now portable to go where I want. I'm not stuck in the government hamster wheel.
If California is like it is here in New York, teachers are about the only public employees who actually work. We have a ton of political appointees to do nothing jobs, plenty of scumbag, corrupt government officials and lots of politics and promises with very little action. The taxpayer is always stuck with the bill. Property taxes have gone up to the point where they are about 5 times the national average and that does not slow down the gas taxes and income taxes and fees for any conceivable sort of government service. Most of the politicians in this area truly belong in jail.
I am just reading California's generous pensions system for Teachers. When people in the private sector struggle so much and have zero security in retirement why is this type of golden parachute offered to government employees in a time when pension funds are self destructing? Now, my guess is that they will raise taxes which people in the private sector will pay so that these government employees can continue to get their golden parachutes.
Heck, the CA teachers pension is even inflation protected... private people are struggling with keeping up with inflation with ultra low interest rates on their savings and an unstable stock market going forward yet all these protections are free to government employees in retirement.
It's a bit too late for me but probably I should've got a government job 10 years ago, salaries in the private sector have declined and now the private sector does not pay much more than the government sector.
You can still get a public sector jobs, they don't age discriminate like private sector employers do and you are usually pension vested after 5 years. I'm a retired public sector employee and don't feel one itsy bit guilty about my pension that I worked 3 decades for.
Yes, it is true, that people in the private sector no longer stay for 25 or 30 years, but government employees sure do. They love to get a pension or two out of the taxpayer.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Pension Envy vs reality of sustainable obligations...
It is Gov, so
1) it is never sustainable, never has been, never will be, never needs to be. (they can print money or rob(?) from you! legally!
2) it was planned and administered by the people who make their own rules and never missed a meal in their life to meet Private Sector Payroll.
3) totally inconceivable concept to worker bees / those financially responsible.
4) great gig if you can stomach it and sleep at night (EZ for most)
5) Entitlements (HUGE deal) Just try to get something done during break or lunch time at a Gov entity!
They earned it (laughing to bank since day one)
Many very content!!! (and they VOTE for the ones that feed them)
Excellent example via Malaysia vote this week.
a large % of Malay and Indians are on gov payroll for the 'benefits' (payola)
it's not the same thing, SS pays very little.. government pensions pay a huge percentage of your salary for life hence it's a golden parachute. Why does it matter, because the rest of us pay for the privilege of these people.
A decent pension does not equal a "golden parachute." People who have worked their entire careers (30+ years) at jobs with government aren't getting "golden parachutes." They have earned their pensions. Here in the SF Bay Area, private companies usually pay better and give better benefits, including stock options that have created very young multimillionaires.
We need good government employees, the majority of whom have university degrees, so we have to offer good health benefits and the promise (which must be kept) of a good pension. Otherwise, we have to pay much higher salaries during their working years in order to attract the best talent. We can't afford to do that, thus the pension promises. These employees don't earn as much in today's dollars as private companies here usually offer. The carrot is the pension they will earn by staying for their entire career.
Where we have gone wrong, in my opinion, is with safety employees, especially police. Those salaries are high and no college degree is required and they get to retire much too young and with manipulation of hours, they get high dollar pensions and are still young enough that they often go on to work after retirement and earn a second pension or at least a lot more dollars.
Pension Envy vs reality of sustainable obligations...
It is Gov, so
1) it is never sustainable, never has been, never will be, never needs to be. (they can print money or rob(?) from you! legally!
2) it was planned and administered by the people who make their own rules and never missed a meal in their life to meet Private Sector Payroll.
3) totally inconceivable concept to worker bees / those financially responsible.
4) great gig if you can stomach it and sleep at night (EZ for most)
5) Entitlements (HUGE deal) Just try to get something done during break or lunch time at a Gov entity!
They earned it (laughing to bank since day one)
Many very content!!! (and they VOTE for the ones that feed them)
Excellent example via Malaysia vote this week.
a large % of Malay and Indians are on gov payroll for the 'benefits' (payola)
When are you moving to Thailand?
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Believe it.
