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Old 10-20-2016, 11:47 AM
 
6,089 posts, read 4,946,768 times
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Quote:
Originally Posted by LuvSouthOC View Post
Maybe we should all get paid the exact same amount by the Supreme Commisariat of Interior California Affairs.
That's what a lot of the underachieving losers want. Let's be honest.
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Old 10-20-2016, 11:48 AM
 
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Originally Posted by expatCA View Post
Well if they work 30 years that gives us 2% X 30 = 60% of their salary. That is pretty good; and they base it the final and highest salary, Where does the money come from?
It's incredibly good. In fact, I can't think of a private sector company that offers ANYTHING close to that in terms of its generosity.
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Old 10-20-2016, 02:57 PM
 
18,172 posts, read 16,263,373 times
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Originally Posted by CaliRestoration View Post
It's incredibly good. In fact, I can't think of a private sector company that offers ANYTHING close to that in terms of its generosity.
Nope Politicians and Gov't Union workers get better deals than any other working group.
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Old 10-20-2016, 04:12 PM
 
Location: Living rent free in your head
42,744 posts, read 25,946,548 times
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Quote:
Originally Posted by expatCA View Post
Well if they work 30 years that gives us 2% X 30 = 60% of their salary. That is pretty good; and they base it the final and highest salary, Where does the money come from?
Not exactly right, that changed with PEPRA. If the employee was hired after January 1, 2013 final compensation is based on highest average annual compensation earnable during any 36 consecutive months.
Here is the information for employee contributions to CALSTRS pensions: "Employer contributions currently at 8.25 percent will increase gradually by an additional 10.85 percent phased in over the next seven years, for an eventual total of 19.1 percent. State contribution rates, which are currently 5.541 percent, when the contributions for purchasing power protection are included, will increase over the next three years to a total of 8.828 percent by fiscal year 2016-17"

Regarding where the state contribution comes from, it comes from tax revenue, but in the private sector a defined benefit pension, or a 401k match are paid for through price increases passed on to the consumer, are you appalled by that too?
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Old 10-20-2016, 04:27 PM
 
Location: Living rent free in your head
42,744 posts, read 25,946,548 times
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Quote:
Originally Posted by expatCA View Post
Nope Politicians and Gov't Union workers get better deals than any other working group.
I dunno about that, Winco's not bad... they contribute the equivalent of 20% of each employees salary into ESOP (employee stock option plan) As a result they have several hundred grocery clerks who are now millionaires.


There are other private sector firms that offer decent retirement plans you can find them on Google if you are looking for a job with a pension
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Old 10-20-2016, 05:12 PM
 
6,089 posts, read 4,946,768 times
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Quote:
Originally Posted by 2sleepy View Post
I dunno about that, Winco's not bad... they contribute the equivalent of 20% of each employees salary into ESOP (employee stock option plan) As a result they have several hundred grocery clerks who are now millionaires.


There are other private sector firms that offer decent retirement plans you can find them on Google if you are looking for a job with a pension
His point is still correct and your counter is based upon "an unusually concentrated – and unlikely" occurrence according to the article you linked.

For the majority of private sector jobs, companies offer nothing that approaches what CalPERs/CalSTRS offers for retirement.
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Old 10-20-2016, 05:21 PM
 
18,172 posts, read 16,263,373 times
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Quote:
Originally Posted by 2sleepy View Post
Not exactly right, that changed with PEPRA. If the employee was hired after January 1, 2013 final compensation is based on highest average annual compensation earnable during any 36 consecutive months.
Here is the information for employee contributions to CALSTRS pensions: "Employer contributions currently at 8.25 percent will increase gradually by an additional 10.85 percent phased in over the next seven years, for an eventual total of 19.1 percent. State contribution rates, which are currently 5.541 percent, when the contributions for purchasing power protection are included, will increase over the next three years to a total of 8.828 percent by fiscal year 2016-17"

Regarding where the state contribution comes from, it comes from tax revenue, but in the private sector a defined benefit pension, or a 401k match are paid for through price increases passed on to the consumer, are you appalled by that too?
You agreed:highest average annual compensation earnable during any 36 consecutive months.

Next the Gov't pensions are also paid by you and I because ALL their money comes from taxes/fees on ... things we make, buy, sell. We pay it all. And if they have a problem with paying the pensions the people get to make up the difference through tax money, etc. If my savings go down and my income goes down, ... I still have to find a way to make the money and Gov't pension do not. They do not make it or do with less, they take it from ... us.
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Old 10-20-2016, 05:23 PM
 
18,172 posts, read 16,263,373 times
Reputation: 9325
Quote:
Originally Posted by 2sleepy View Post
I dunno about that, Winco's not bad... they contribute the equivalent of 20% of each employees salary into ESOP (employee stock option plan) As a result they have several hundred grocery clerks who are now millionaires.


There are other private sector firms that offer decent retirement plans you can find them on Google if you are looking for a job with a pension
Yes some do very well, but they are the minority. Gov't workers do well virtually across the board and not dependent on how well the State does as if it does poorly they still get paid, but if a business does poorly, well...... any funds drop. In addition those plans can go bankrupt, but State's can't. Tax payers in effect guarantee it.
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Old 10-20-2016, 05:27 PM
 
6,089 posts, read 4,946,768 times
Reputation: 5985
Quote:
Originally Posted by expatCA View Post
Yes some do very well, but they are the minority. Gov't workers do well virtually across the board and not dependent on how well the State does as if it does poorly they still get paid, but if a business does poorly, well...... any funds drop. In addition those plans can go bankrupt, but State's can't. Tax payers in effect guarantee it.
Not to mention the medical benefits while employed. That's an enormous cost to the state as well since the benefits are so good. I looked at the medical benefits offered for your average state CalPERs member worker, and it's easily 1/4 to 1/5 of total compensation based on dollar value. These CalPERs/CalSTRS medical plans are ridiculously generous.
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Old 10-20-2016, 05:30 PM
 
18,172 posts, read 16,263,373 times
Reputation: 9325
Quote:
Originally Posted by CaliRestoration View Post
Not to mention the medical benefits while employed. That's an enormous cost to the state as well since the benefits are so good. I looked at the medical benefits offered for your average state CalPERs member worker, and it's easily 1/4 to 1/5 of total compensation based on dollar value. These CalPERs/CalSTRS medical plans are ridiculously generous.
Sooooo true.
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