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.. always thought retirement meant 'stopped working.'
"Bayonne Mayor Mark Smith could soon be hauling in a nearly $9,000-a-month pension payment - that's in addition to his $72,000 annual salary as mayor."
"During his final 12 months in the department, Smith, who is 48, earned $163,569.62, according to state records. "
"After Smith became mayor, he enrolled in the state's elected officials Defined Contribution Retirement Plan on Nov. 10, 2008, reporting a yearly salary of $72,000. "
- so he gets another pension on top of his first one once he "re-retires?"
not a bad gig.. people in NJ need to stop complaining about high taxes and join the bandwagon (until there's no one left to fund it)
THis is what is killing us..........The need to have a mandatory age to begin collecting a pension because it makes NO SENSE for a 48 year old to be able to retire collect a pension from one job and work in public service again collecting another salary and more pension credits. Either they retire or work but they can't have it both ways. Also don't forget that he probably has full benefits for life as well so that 9000.00 figure is closer to 11,000 a month income.
It's not his fault people its the laws enacted over the past 4-5 administrations that allow this type of thing. He's doing nothing illegally by wanting what by current laws is his right to receive. Christie mentioned in his campaign about stopping this sort of thing from happening...we'll see if he gets to it. People in NJ just complain about this because we're all envious of it. Anyone of us could've served for 25 yrs in the force and then get a job in the public sector. I do agree the laws needs to be changed about this but again...there's nothing illegal here.
Not sure how it works for other state employes, but I know that State Troopers, once they retire, can't take another job in NJ that will give them a pension. To reiterate, They CAN work for the state, but not in a job that gives a pension.
Not sure how it works for other state employes, but I know that State Troopers, once they retire, can't take another job in NJ that will give them a pension. To reiterate, They CAN work for the state, but not in a job that gives a pension.
The same rules apply for other state workers. However, I have been told there is a loophole in the current pension laws that allows an individual to collect a pension from two different state pension systems ( ex. PERS, TPAF etc.). I do not know the details how it is done, but I do know of two retired police officers working in the NJ school system; they are working on earning a second state pension.
Bill
i'm struggling to see what's wrong with this though? if the requirement is that one works 25 years to earn their police pension (army works the same way), and then after you put in your service you want to claim that pension - what's wrong with that? and if they want to get another job, and one of the benefits of that job is a pension, what's wrong with that?
you're going to penalize someone because of their prior work they've done and benefits they've earned?
i'm struggling to see what's wrong with this though? if the requirement is that one works 25 years to earn their police pension (army works the same way), and then after you put in your service you want to claim that pension - what's wrong with that? and if they want to get another job, and one of the benefits of that job is a pension, what's wrong with that?
you're going to penalize someone because of their prior work they've done and benefits they've earned?
Although I can see why this could be a drain on our system and should be changed, I'm with you cant fault anyone for doing this. If I'm a private sector employee I can retire from the company and come back as a consultant it wouldnt be a big deal. happens all the time.
If I'm a private sector employee I can retire from the company and come back as a consultant it wouldnt be a big deal. happens all the time.
are you kidding me? how many people in private sector still get pensions, or get COLA on top of pensions, tenure (job stability), subsidized benefits, and vested pensions after just 20 years? all at taxpayers' (the customers' ) expense
no wonder "20 and out" is a common theme in the force.. where average retirement age is 49 years old, when people in private are getting a 2nd job to get back half of their 401(k)..
and no not everyone is a Wall street CEO - what is that like .00000001% of the population?
and B why would a Public Service employee ever compare his salary to a private CEO considering hist role should be Public Service as opposed to fluffing up double pensions at the expense of taxpayers..
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