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Mystical......I can't quote your last post but I wanted to point out what you just said about pension contributions. Yes the cost is very high but federal governmemt employees are not that much worse off than CA state/public employees. As noted above I was a CA state worker of five years.
On my paystub I would pay $600 ish a month to the pension and my employer paid about $1400. However this $1400 just goes to the pension general fund or wherever it goes. In CA, as a state worker, if you are non safety you get 2% at 55 of your highest 3 years average if you were hired prior to 2011. Now new state employees are subject to 2% at 62 which is like the federal government. So we can see CA pension is double.
However, federal government employees are paid way more. I know so many associate level CA state worker that left for the Feds to see 50% raises doing the same level of work. You get a TSP plan with a healthy match up to 5%. Im not sure how much federal government employees pay into the pension, if they do at all, and they are not required to pay into social security either which I would find to be a giant plus.
Just my .02 on CA state/city vs Feds. It would be interested to run a salary base model for 30 years and compare the two.
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.
I am in the private sector - worked for myself - and have a lot more than these teachers are getting.
Since you have pension envy, you should know the case of the CEO of United Health Care, who got close to a BILLION dollars on retirement. Do you know where that money comes from? Yep, all of us in the form of higher health care prices.
Take that times a couple thousand and you'll start to see the real money.
^some truth in there, some not. I was never the recipient of tax money. My employer was an authority that received no tax revenue and was self-sustaining through fees, tolls and leases and raised funds for projects by issuing bonds.
It is true that the newer employees can't retire until 62, while we had the option to retire at 55 if we had 30 years of service. Our formula was 1.5% for the first 30, 1% for each year thereafter, highest consecutive 3 years for the FAS, unless there was a spike over a certain percentage, in which case they went for a five-year FAS.
What I don't think is right is cops being able to boost their FAS with OT in their last 3 years. It should be base salary. IMO. Or at least a cap on eligible OT.
And you are absolutely right about politicians making rules that ensure their reelection at the time and then move on, leaving problems for future generations to deal with.
I was speaking to California's typical pension plans, which are more generous than what you've outlined. A lot of places in California are 2% * years of service (often highest year, not average of 3 years)...or even higher. Mine is 2.5% * years of service and just goes by the highest earning year.
If California had kept pension formulas to where yours is, I think there would be less resentment.
I was speaking to California's typical pension plans, which are more generous than what you've outlined. A lot of places in California are 2% * years of service (often highest year, not average of 3 years)...or even higher. Mine is 2.5% * years of service and just goes by the highest earning year.
If California had kept pension formulas to where yours is, I think there would be less resentment.
That is a significant difference. I am in the NY State Retirement System, just FYI.
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.
Yeah I don’t know where those are. There are some states that may be generous, but in FL it was something like 1.4% per year worked to a max of just under 50% and the median salary was around $40K. It was based on the top 5 years. So yeah, maybe you made $50K your last 5 years and you could get $25K. Newer members don’t even get a COLA anymore, so I am not sure how you can say that the $25K is a golden parachute.
I survived 25 and now live very comfortably in my retirement. Would OP be willing to put his life on the line daily, multiple times daily, to protect people that hate LE so much?
I was speaking to California's typical pension plans, which are more generous than what you've outlined. A lot of places in California are 2% * years of service (often highest year, not average of 3 years)...or even higher. Mine is 2.5% * years of service and just goes by the highest earning year.
If California had kept pension formulas to where yours is, I think there would be less resentment.
PEPRA cut back most of those formulas but it will be a long time for savings to be realized from it.
However, federal government employees are paid way more. I know so many associate level CA state worker that left for the Feds to see 50% raises doing the same level of work. You get a TSP plan with a healthy match up to 5%. Im not sure how much federal government employees pay into the pension, if they do at all, and they are not required to pay into social security either which I would find to be a giant plus. .
Wow! I'm not saying you're wrong, but I wonder if that's very common. My friend is a social worker with the feds and I suspect her pay if she worked for the state of CA or local county would be higher. But I don't know for sure.
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