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Pensions themselves aren't a bad thing. Gov employee compensation doesn't match the private sector. Tax Payers pay way more in compensation for less quantity and lower quality work.
The concept of a pension that guarantees to match salary or a % of salary in retirement is complete BS. It goes against the general concept of investing where nothing is guaranteed. Call them what they are, they are insurance policies, lets not pretend one can invest and promise that it will be a given that your salary is matched for the rest of your life.
I worked for 30 years with the Federal Government. I made, at the end, as a Senor Attorney, $115,000.00 per year.
My pension is $2,2100 per month.
Let me know your thoughts. Am I evil?
That's odd. I know a couple who worked for the federal government (the wife in a support role as she only has a HS diploma), and they told me that their combined pension is $135,000, and pegged to inflation. (They actually laughed about it!)
I agree it is a problem that cannot be solved without huge tax increases so it is up to us chump taxpayers to force our corrupt government to place a nationwide cap on all gov pensions and make the problem go away. No pension should be paid prior to age 62 just like SS, and whatever the top SS benefit is should be the highest pension any gov retiree (state & fed) should get.
There are about 22,000 gov retirees in CA with pensions over 100K. That is insane, it cost 2.8 billion a year for just that group of retirees. Michael Johnson draws a 390K pension from his Solano County employment. This is as corrupt as corrupt can be, NO ONE is worth a pension like that NO ONE.
We are going to get taxed to death if we don't push back on these crooks real soon.
Are these 22,000 people state or federal pensions? 100K is nice, but in some parts of Cali, you are probably barely making it.
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