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Old 05-11-2018, 11:34 AM
 
Location: Olympus Mons, Mars
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https://www.calstrs.com/retirement-benefits

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.
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Old 05-11-2018, 11:40 AM
 
9,108 posts, read 3,718,308 times
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Sounds like you got pension envy... So you want to knock other people out of anger?

Taking away pensions is same as govt taking your 401k, both were part of the employment package

What difference is it using tax money to bail out a company instead of them raiding 401k plans first?
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Old 05-11-2018, 11:44 AM
 
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Taking the government workers' pensions would be like taking SS away from private sector workers....would you support that as well?
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Old 05-11-2018, 12:13 PM
 
Location: Olympus Mons, Mars
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Quote:
Originally Posted by TiltheEndofTime View Post
Taking the government workers' pensions would be like taking SS away from private sector workers....would you support that as well?
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.
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Old 05-11-2018, 12:25 PM
 
1,372 posts, read 1,729,356 times
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Quote:
Originally Posted by k374 View Post
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.
And those pensions come with huge stipulations...like 25-30 year commitment. Very few people stay at the same employer for even half that time. Plus, many are paying into their pensions. I am employed casually for the state and I pay 10% of my salary into the PERS, every pay check. It isn't like they are getting these pensions without working or paying for them...they are.
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Old 05-11-2018, 12:29 PM
 
9,108 posts, read 3,718,308 times
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Quote:
Originally Posted by k374 View Post
Why does it matter, because the rest of us pay for the privilege of these people.
You will pay as much if they have no pensions... They will want higher pay and other benefits in lue of pension...

The anti pension rant is a zero sum game because it is all about the total compensation package
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Old 05-11-2018, 12:31 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,436 posts, read 50,666,198 times
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A golden parachute is a large financial settlement given to someone as an incentive to leave, as in an executive after a merger. Pensions are earned, by years of service and are paid for in part by pay deduction during those years. The CA public worker that retires with a nice pension just happened to start at a time when the pension system was much stronger than it is now, and they stayed 30+ years to get the most out of it that they could. Those retiring in the 80s were able, with Social Security to clear more than when they were working. Since then the retirement systems have
been changed several times for new workers starting out. Still a lot better than no fixed pension or just 401K, however, so naturally people are jealous, and taxpayers like to complain about it.
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Old 05-11-2018, 12:33 PM
 
Location: Paradise
2,413 posts, read 1,808,260 times
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Quote:
Originally Posted by k374 View Post
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.


What makes you think government workers don't pay taxes?


As others have pointed out - the government retirement/pensions are not free to government workers. They pay into that plan, work for years at lower wages than the private sector, AND pay taxes too.
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Old 05-11-2018, 12:37 PM
 
Location: Alaska
2,603 posts, read 2,288,798 times
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Quote:
Originally Posted by k374 View Post
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.
Your problem is you're used to being treated like **** in the private sector, so you think this is acceptable and normal but IT IS NOT.

No one should be getting paid a pittance for their pension after laboring for decades.

The problem is not that public sector employees are overcompensated but that private sector employees are morally, if not criminally, exploited by the private sector.
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Old 05-11-2018, 12:46 PM
 
12,681 posts, read 12,097,290 times
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Quote:
Originally Posted by k374 View Post
https://www.calstrs.com/retirement-benefits

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 need to go back and read what a "golden parachute" is, because what you describe is not it.


That is a pension plan, one that came about as a way to attract and retain employees.


As I have stated numerous times before on other threads; the government at all levels for decades have had issues with attracting and retaining employees, no one really wanted a government job, the jobs were mocked, and attracting and retaining actual good talent was exceedingly difficult. The government at all levels then took a series of steps through the years to increase the total compensation package to attract not only more people, but better talent and to retain this talent. This is why things like you describe exist.


The private sector also offers such things, my employer offers a great compensation package.


It is amazing, yet not surprising, that instead of looking at your other employers and asking "why am I not getting this", you just want to attack other people who are, made all the easier because they are government employees, as if being paid by the government magically means you should work for minimum wage with no benefits (good luck getting any competent employees then).


Government salaries seem higher than the private sector because the government does not employ massive amount of low wage retail, food service, etc workers. When compared job to job, government workers are generally on par, and start making less than their private sector peers the further up the scale they go.
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