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Old 08-15-2016, 03:38 PM
 
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Quote:
Originally Posted by Burkmere View Post
In my agency you can get more than 100% of your gross salary ...

You can get that most places depending on how many years you work. In NJ if you work 55 years the pension is 100% of gross. The new tier is 60 years to get 100% of gross.


I know 1 person that worked 53 years.
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Old 08-15-2016, 06:32 PM
mlb
 
Location: North Monterey County
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We have employees who have retired with over 40 years of service at the very same entity.
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Old 08-15-2016, 06:53 PM
 
Location: Wasilla, AK
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Quote:
Originally Posted by Burkmere View Post
In my agency you can get more than 100% of your gross salary ...

I've seen it. Officers working three years of massive overtime and retiring after 20 years of service. Because it all counts toward your high three for retirement purposes in Alaska.
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Old 08-15-2016, 06:54 PM
 
Location: NY / Fl.
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A NY State pension depending on the retirement system is normally 50% of your Final Average Salary. You make less working for state gov.In most cases but the pension & benefits make up for it at the end if you stay long enough.If you choose to cover your spouse in case of your demise that lowers your net amount. You still pay Fed tax but believe it or not NY doesn't tax your pension. You take a hit from your original paycheck but it beats going to work. Just have to adjust, it's not what you make, it's what you spend.
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Old 08-15-2016, 10:44 PM
 
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My pension that I have is 58% of my pay that I was getting when I retired...
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Old 08-15-2016, 10:56 PM
 
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Quote:
Originally Posted by tom1944 View Post
You can get that most places depending on how many years you work. In NJ if you work 55 years the pension is 100% of gross. The new tier is 60 years to get 100% of gross.


I know 1 person that worked 53 years.
Where I worked, 37 under the ( hired before 2013 formula). That's based on gross. Of course, since no ss and Medicare deductions and a couple more occur after retirement, equivalent take home is more around 33-34 years.
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Old 08-16-2016, 05:28 AM
 
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In NJ overtime and supplemental pay does not count in the pension calculation.
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Old 08-16-2016, 11:05 AM
 
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Quote:
Originally Posted by tom1944 View Post
In NJ overtime and supplemental pay does not count in the pension calculation.
And it shouldn't. It should be based on base pay. Agencies are cracking down on this these days.
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Old 08-16-2016, 12:12 PM
 
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I agree it should not.
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Old 08-16-2016, 12:21 PM
 
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Quote:
Originally Posted by mysticaltyger View Post
But they do pay for public sector retirements. If you're a public sector worker, your whole salary is paid for by the taxpayer as well as your retirement. That's just the fact of the matter.
If you get right down to the heart of the matter, everyone's living is paid for by someone else's money. You own a business? Your customers are funding your retirement.

I've heard oilfield workers, who were making huge salaries before the downturn (many without much smarts), complaining about paying teachers' retirements....not considering that their huge salaries were piled upon the backs of people (like teachers, who, in my area anyway, don't make much money compared to the education they have and the importance of the job they do) who were having to pay the backbreaking gas prices. Now I think they are realizing where their big money was coming from....funded by teachers, so to speak.

The "taxpayer" is receiving an extremely valuable service for their contribution...the education of precious and valued children. (And these days most people would revolt if they had to educate their own children, not to mention not being able to get them out of their hair for 8 hours a day and have them fed by the government.) They are not just handing teachers money for nothing. And we DO contribute a significant amount in my state. Our retirement fund was very healthy before our stupid governor started trying to privatize it. Now it's kind of in a mess.

I think I'd probably better bow out of this discussion before my blood pressure gets too high.
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