Posted on 03/23/2011 1:18:42 AM PDT by Scanian
Public employees are retiring at a quickening pace around the U.S., providing a mixed blessing for state and local governments seeking to save money.
The retirements mean employers can shelve some planned layoffs. And some of the departing workers, generally more senior and higher paid, are being replaced by lower-paid employees with less-generous retirement benefits, government officials say. But the loss of veterans threatens to erode the quality of public services that make communities attractive, they say.
The exodus of public employees is an unintended consequence of states' financial struggles. Some workers have been required to take unpaid furlough days, and many fear they'll lose benefits at the center of political battles.
In Wisconsin, where lawmakers voted in mid-March to end workers' collective bargaining for future employment contracts, 3,362 people have applied to retire this year, a 73% jump from last year. And 10,975 people since the beginning of the year have taken the first step toward retirement—flooding the Wisconsin Department of Employee Trust Funds with requests for estimates of their potential benefits. That's up 134%.
Among Wisconsin public employees filing for retirement are Mary and Len Herricks, both teachers in Oshkosh. They put in their papers in mid-March after lawmakers voted to rein in most public-employee collective-bargaining rights.
"Not only am I losing salary and benefits and facing a bigger work load, but now they are taking away my rights," says Ms. Herricks, a 56-year-old elementary school teacher. A teacher for 35 years who earns in the high 50s, Ms Herricks can now retire and collect nearly her former salary. "Retirement was supposed to be something happy. I'm so sad."
(Excerpt) Read more at online.wsj.com ...
Shouldn’t all these crazed self-entitled “public servants” be looking through the bars of a jail from the inside for their “retirement”? Cry me a river, you losers. I hope your states and jurisdictions go bankrupt and cancel your cushy “retirements”. You are societal parasites. Have a nice day!
ML/NJ
Getting out while they still have a pension. My neighbors did that because they don’t have the retirment savings to support themselves otherwise.
I can understand that. If I was promised 75% wage when I retire, it wouldn’t occur to me to get an IRA.
Give me virtually the same money for no work as I collect for lots of work, and I'll be the happiest camper the world's ever seen.
Remember that 'two Americas' thing? It's in the other one.
Take your pension and go teach in a private school.
I knew it!!!!! I knew it!!!!! This is just the beginning. Teachers are going to go in droves next. Things are going exactly as I predicted. Now you will be paying for retirees AND new hires just because you couldn’t give a 2 percent raise and the bad press that they are getting. Brilliant!!!!! ROTFLMAO. This is so rich that it is actually sad. Good thinking folks.
put a cap to $40k per year. Noone should be able to collect more than this.
Sounds very socialist to me. I thought you were a conservative......hum. I was wrong.
Cry me an effin’ river. Sucks to be you, Ms Herricks.
No you are so wrong. Sucks to be the taxpayer.....people are so insane around here.....never thinking. Now you have to pay her AND her replacement. lol.
“A teacher for 35 years who earns in the high 50s, Ms Herricks can now retire and collect nearly her former salary.”
Cut her retirement to $1,000 a month, and then tax that at 50%. As a liberal, she’ll approve. Can’t have these rich folks ripping off the poor taxpayers.
First name Mary
Last name Herricks
Year and session 2009/10
Highest degree Master's degree
Salary $68,423
Fringe $13,917
Looks like the reporter didn't do her homework. Or, maybe $68k is just in the REALLY high 50's. Apparently a product of public education.
I read an article somewhere yesterday that said in Oshkosh, teachers have 180 workdays......and 90 NINETY! personal? days! I guess she wants to continue THAT scam!
Public employees in Memphis can retire after just 12 years. SICK.
The private sector will not be afforded such forewarning when the gubmint comes to raid our 401ks.
“Lawmaker Introduces $165 Billion Union Pension Bailout Bill”
http://www.foxbusiness.com/personal-finance/2010/05/24/lawmaker-introduces-b-union-pension-bailout/
$165 billion is just for starters...
“Unions want to dump pensions on taxpayers”
http://dailycaller.com/2010/04/06/troubled-labor-looks-to-federal-government-for-help-on-pensions/
“401k/IRA Screw Job Coming?” -Karl Denninger
http://market-ticker.org/archives/1830-401kIRA-Screw-Job-Coming.html
I live in Wisconsin. My ex-public school bro-in-law retired at 55. He always sneered at investing in the stock market or anything else. Now I know why.
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