EDITED Who are America's fastest-growing class of millionaires? They are police officers, firefighters, teachers and federal bureaucrats, who, unless things change drastically, will be paid something near their full salaries every year--until death--after retiring in their mid-50s....a retirement sum worth millions.
Based on a realistic 4% return, an $80,000 annual pension payout with full health benefits implies a large pot of money--$2 million, to be precise.
That $2 million also happens to be the implied booty of your average California policeman who retires at age 55........in Carlsbad, Cali, the average firefighter or police officer typically retires at age 55 and has 28 years of service w/ an annual city pension of $76,440 for life. SOURCE http://www.forbes.com/
NOTE Vallejo, CA firemen make 200K a year---not including benefits and perks PLUS the inevitable lifetime pensions and eternal Cadillac family benefits.
Yep - an old Marine Corps buddy retired at or before age 55 from the CHP; he and his wife spend much of the year traveling the world.
Ya know I could see paying cops well if they are in an area that’s crawling with criminal activity. But, Carlsbad CA??? Small well to do town??? No wonder CA is going broke.
I have one of these federal bureaucrats in my family, my daughter. She’s not a millionaire. She contributes to her own retirement. Pays through the nose for her health insurance. She works hard and is stressed out just like people who work in the private sector.
EXCERPT Police and firefighter pension funds are defying the law to keep embarrassing pension details under wraps. Bothrefused to supply the names and pension amounts of retirees when the Manhattan Institute's Empire Center requested it under the FOIA. So the think tank sued. The public has a clear right to the info....No doubt, cops and firefighters have been more than a little embarrassed by the spotlight.
Flagrant pension offenders: a NYPD cop collects a $58,000 tax-free NYPD disability pension -- at the same time he serves as deputy supt of the Port Authority Police Department, which pays another $198,500. An ex-FDNY Lt. who pockets $86,000 a year from his disability pension, even as he competes in triathlons.
SOURCE http://www.nypost.com/p/news/opinion/editorials/blue_wall_of_obfuscation_mMQWHKKbMyoVkWhr3VzkiN
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REFERENCE A NJ state Senator was greeted with resistance and belligerence when he tried to get info from the State Investment Council which invests pension funds. The Senator mentioned “disturbing allegations that placement agents” manipulated pension investments in NY, New Mexico, and elsewhere.
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REFERENCE 8/29/07
Pals of Pension Head Got Fees
NY Post Correspondent
Hank Morris----top political consultant to former Democrat state Comptroller Alan Hevesi (who was ousted in disgrace)----is affiliated with a slew of companies - including several using the address of his East Hampton home and one in the British Virgin Islands - that received pension-fund fees and are the subject of an investigation. Hank Morris, a Democratic campaign strategist, listed the five firms on a report filed with the Financial Industry Regulatory Authority, the largest nongovernmental regulator of U.S. securities firms. Four of the firms - Nosemote LLC, Pantigo Emerging LLC, PB Placement LLC and Purpose LLC - share Morris' East Hampton address.
Democrat Morris listed himself as the "sole member" of Nosemote, Pantigo Emerging and PB Placement, and said that Nosemote makes up half the members of Purpose. For the fifth firm, Athena Capitol Advisors Ltd., which has an address in Tortola, British Virgin Islands, Morris lists himself as a 50% owner, vice president and treasurer. According to Morris' filing, all the entities "act as intermediaries between money [managers] and institutional investors to facilitate introductions and resulting investments."
A source said the five Morris entities received placement fees from companies that won pension-fund business during Alan Hevesi's four years in office as state Comptroller. His office denied a request for a breakdown of fees paid to the individual firms. (NOTE: Hevesi and Morris were later indicted and convicted.)
SOURCE http://www.nypost.com/seven/08292007/news/regionalnews/more_hev_pal_firms_got_fees.htm
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TAXPAYERS MUST DEMAND Outside govt audits of pension investments to determine whether off-the-books accounts were accessed by insiders; whether pension funds were used in illegal schemes that might have integrated:
(1) money laundering,
(2) tax evasion (stolen money is taxable),
(3) violations of US banking and currency laws,
(4) conspiracy to commit wire fraud,
(5) commercial bribery in various financial schemes,
(6) secret offshore bank accounts,
(7) fraudulent and casual accounting practices,
(8) insiders w/ hidden interests in financial companies.
THE MILLIONAIRE COP (firefighter, teacher, federal bureaucrat) NEXT DOOR
Back in 94-95 I was on-site in a Fed Bldg in Chi for 18 months. It was for a Mechanical Construction Upgrade project. I was the Project Manager for my company.
From day one the horror stories started about doing work in that building (the 'Does and Don't s'). And during the project I learned of more horror stories from the Building Engineers who we became friends with in the 'smoking hideaway' of that No Smoking Building.
The worst prolly was the KNIFE FIGHT between two female gubmint (cough) *workers* (hint: they weren't white). Bottom line - neither could be fired due to their UNION contract, and not even suspended for a day. If any of us did that at our work place we'd be in PRISON pdq.
And then there were the 'Work Rules' and what was required of the 'workers'. They were so laughable and idiotic that none would fly in the Private sector. Not even one with union workers. They basically only had to show up four days a week -- and get paid for five days -- if a certain amount of files were processed. Which any normal person could do in two days at most.
There were about 2,000 to 2,500 people in that building sucking up OUR MONEY. And the actual work could have been done by about 500, which happened when Clinton shut the gubmint down.
There are hundreds of Fed Buildings like this across the USA. We could save BILLIONS each year by voiding every union contract and firing all these morons.
Out of that $2 million equivalent, how much was contributed by the employee over a 30 year career? What is the Future Worth of that 30 year annuity the employee put in over that 30 year period, including the 20 or 30 year drawdown time?
Why don’t you finish your analysis instead of pretending, falsely, that the taxpayer is responsible for that full $2 million equivalent.
I wait with baited breath for your full analysis of the 3 amounts that equate to $2 million.