Skip to comments.Retirement ages for public employees come under greater scrutiny (59 years old & $174,308 per year)
Posted on 12/10/2011 4:15:53 PM PST by macquire
COLUMBUS, Ohio - After nearly 40 years in public education, Patrick Godwin spends his retirement days running a horse farm east of Sacramento, Calif., with his daughter.
His departure from the workaday world is likely to be long and relatively free of financial concerns, after he retired last July at age 59 with a pension paying $174,308 a year for the rest of his life.
Such guaranteed pensions for relatively youthful government retirees paid in similar fashion to millions nationwide are contributing to nationwide friction with the public sector workers. They have access to attractive defined-benefit pensions and retiree health care coverage that most private sector workers no longer do.
(Excerpt) Read more at startribune.com ...
This is crazy. No wonder we are so messed up.
He will find out soon that his pension payments cannot be paid for long. The money will not be there soon.
What part of “American tax payers can’t afford this” doesn’t Washington understand?
Private pensions should be tax free!
This just means he made too much while working. This isn’t the norm. Its californicate.
I met a guy last week who was bragging about his 3 govt checks. I really wanted to smack him.
Running a horse ranch also gets him a pile of tax breaks in this stupid state. This is obscene.
You know that in some States it's the opposite, at least for Federal Government pensions. (I think North Carolina is one.) There is no State tax on income from Federal Government pensions, but private pension income is taxed. You see it's equal protection under the law.
If he had the amount of stocks and bonds, giving a return rate of 4 percent, which is probably typical, he’d have the equivalent of about 4.5 million dollars.
This is really upsetting to me because my Hub is being bunched in with the likes of this. He worked civil service for 30 years, paid into his city retirement, ALWAYS paid his own health insurance, retired, took another job and retired for good in January. Up until May when the city changed insurance he paid 10 thousand a year out of his pension for health insurance and now he pays & thousand a year out of his pension. His pension is under 45,000 a year and the city is trying to take his as well as any city emloyees pensions away. We’re not setting the world on fire with this pension but there are those who think they can go back on their word......the promise made in ‘68 when he started to work for the city because of todays budget shortfalls. Why is it older people, first responders and emergency employees that have to take furloughs, cut pensions, no raises because of the waste and fraud and total screw ups city gooberments have made? Now the feral gooberment is zeroing in on our military! Just damn!
“Why is it older people, first responders and emergency employees that have to take furloughs, cut pensions, no raises because of the waste and fraud and total screw ups city gooberments have made? Now the feral gooberment is zeroing in on our military!”
My FRiend, there’s a reason why they go after first responders & police. It’s called CLOWARD-PIVEN.
Don’t you just love it when Democrats rant on and on about the evils of greed?
You sound like a Democrat. Did you mean to post that on DU?
There is plenty of waste in Fire & Police Departments.
Every bureaucracy is bloated. All government agencies are inefficient.
And the people who work within them know it.
If a person works for government for 30 years they should not be surprised that they have been part of the problem and should not be outraged when people notice. I am quite sure you never refused any goodies that came from the government teat. Of course not - you deserved it, right?
That’s what they all say.
I’ve got friends who are public school teachers in Tennessee. They tell me that teachers can “retire” with full pension and health care after 30 years in most states. So many of them “retire” in their mid to early 50s then go teach in another state, so they can draw the pension and a salary.
But they say Alabama allows teachers to retire with a half pension after just 25 years. And most of the states that surround Alabama allow teachers to count most of their Alabama time towards pensions in those states.
So Alabama teachers can retire in their early to mid 40s with a half pension, go work in a neighboring state for 10 years or so and retire with a full pension from that state and they still are just in their mid to late 50s.
Hyperinflation will resolve this situation.
Notwithstanding, I would try and carry on a conversation with you about this but your smart-assed attitude will make that next to impossible. The contract was signed in good faith, he paid into it, always paid and still pays his own health insurance and now the city wants to take it away. He was too busy working his butt off protecting even the likes of you day and night and probably thought it would be worth it in the future.......oh the gall of that man!
Oh you pegged my. Yeah, I’m a liberal Demonrat.....yep ya figgered me out.
“...hed have the equivalent of about 4.5 million dollars.”
I told a worthless Marxist university “professor” here that he is the 1%, based on his approaching retirement benefits.
It only shut him up for a few minutes.
It is for me, but not for thee.
Yeah....they want to go after the military. Alright, fine, cut your own throats.
I think being mad at gov workers is misplaced. During economic boom times, private workers doing equivalent types of jobs commanded salaries greater then public workers. In fact during boom times, anyone who took a gov job was considered a loser. Probably did not have the GPA to be hired by private companies. Now the economy tanked, private salaries reduced by H-1B workers and off shoring of jobs, instead of being angry at corporate America for reducing private salaries thru globalization, one should not turn their anger at gov workers. Government worker salaries and pensions are posted for the public to see. If there is no public revenues to support lucrative pensions and salaries, public workers need to accept this economic reality and changes. This is the only area where I will conflict with their union’s demand for more taxes. Most reasonable gov workers have eyes to see that the economy is not doing so well and tax revenues are down. Joe public only ask for two things, gov help business pay down debt and free up capital to expand and hire; and the ones who caused the economic meltdown should be held accountable and punished. So far Obama failed on these two counts.
His pension is 3x my best year. Have a merry XMas.
“Government worker salaries and pensions are posted for the public to see. If there is no public revenues to support lucrative pensions and salaries, public workers need to accept this economic reality and changes”
The ‘solution’ seems to be to cut off the young folks from the pensions.
Thanks folks for helping us out when we need to get a solid start in life. :)
Cuts for thee, but not for me.
1) They’re not “workers”, they’re “employees”. We’re not communists here.
2) There shouldn’t be government unions in the first place. An employee union negotiates with ownership/management. For government, the ownership is the citizens, which the government employee is one. So by definition a government employee in a union is both the employee and the employer, so they’re negotiating with themselves. It’s a conflict of interest.
Watch for a Congressional salary hike, on the next QE and IMF for euro.
Unfortunately, it is looking more and more like an Icelanicsizing for these invaders as the only solution.
That is a trade off gov workers need to make. Do you all share the cuts, or do you preserve your salaries and benefits and fire all the young workers thru reduction in force (seniority system). Europe is more austere. At least in the US gov retiree still keep their pension amounts while new workers will have to accept new lower benefits. In Europe the budget shortfalls are so great, retirees have their pension checks cut in half. Be grateful that in the US gov workers have not faced this yet. If the economy does not pick up and pension fund shortfalls grows, prospect of retirees as well as workers take a hit at the same time may become a reality.
Don’t get your hopes up on OWS...but this clown is CLEARLY the 1% of retirees.
Don’t even try to rationalize with the have nots! They never remember all those lavish bonuses and office partiesthey enjoyed. We in the meantime, never got a single bonus, or an office party we didn’t pay for out of our own pockets.
This is the ultimate slap in the face to those of us who devoted our lives to lower pay and benifits in the beginning so we would be secure in our senior years.
How were we to know that those fools would spend all their bonus checks on toys rather than retirement.
Efem all, I’m going to smile and hold my head up proudly in 86 days when I get to say goodby to all those who wasted their future then cry foul about mine!!!
I agree with you on number two. Gov workers should not unionized because they politically can vote for officials who should be negotiating on behalf of the taxpayers. Definitely a conflict of interest.
As for point one, worker and employee are synonymous. Using one term over the other does not indicate if one is a Communist. Silly point.
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Everyone knows a government employee. While some work hard, are conscientious and have a good attitude, that does not detract from the fact that they generally get extravagant pensions and while still working get a lot of time off for a variety of reasons. There are also many government employees who fake disability to draw pensions tax free or work a lot of overtime for the last couple years to inflate their pensions. To top it off there are many government employees who don’t give a crap, are laggards and manipulate the system so they accomplish nothing of value to anyone. That said...Have a Merry Christmas, everyone.
Believe me, my Hub never came even close to that in all his working years.....not even with extra jobs he worked.
I work as a private parochial school teacher, so I fail to see why I should be thankful that the government feels it doesn’t have to do more with less.
Heaven knows the rest of us have.
hal, my Hub worked hard all those years and contributed to his own pension. He left after 30 years for a better job. That was 14 years ago and he retired for good in January...he’s almost 64 years old now. He always tried to do the right thing....to make sure we would be secure in our old age and you are so right about those who take advantage and make a nest on the ground for themselves at the expense of others who played by the rules and did the right thing....(like my Hub). I should be ashamed to let this bother me but I’m just a selfish person I guess (sarc). Merry Christmas to you too hal and I truly mean it.
This story is about to repeat itself all over our country. The sad story will start with I was promised then it will move to I earned it then it goes to I need it and finally to The rest of you are ungrateful.
You and your husband made a choice to work for the government and entrust your future to politician's promises. Now you act all shocked that what was taken from a taxpayer and given to you via a politician can now be ended by that same politician?
Here is a news flash for all of you government dependent welfare recipients which includes SS in all its forms, and all other taxpayer financed payments: Your payments are only as good as the next election.
Fine and dandy. Never mind that he contributed 9% of his salary toward that pension all those years. Never mind he wanted a better paying job at the time the to support his family. Never mind when he signed on there WAS NO UNION.....just an employee association. The union came in midstream and Hub and many of his coworkers didn’t want it or like it but were helpless to do anything about it. We’ve always been Republican but now except for a small handful I wouldn’t give most Republicans the time of day. The Demonrats sold their souls to the devil long ago. The 2 party system in this country I hope will soon be a thing of the past.
Fed government employees already went from a system of guaranteed retirement funds to the FERS system about 30 or so years ago. FERS Is based on a three tiered plan which includes SS, a 401k and a smaller pension.
“Thanks folks for helping us out when we need to get a start in life.”
You’re complaining about someone getting the retirement that they paid into and earned, yet you are asking for a handout from the other side of your mouth.
Just escaped from your OWNS tent??
“Your payments are only as good as the next election.”
And you sound like a punk on a high horse.
Wake up. You hubs is the exception not the rule. The particular Gubbmint he worked for seems to have been modest and did not rape the taxpayers. But it ain’t just about your situation. There are 3000+ counties, 50 states, one Federal gov’t all with different payment and pension schemes and scams. A bare few might be honest and fair. But by and large the taxpaying private sector that actually produces has been ripped off
Ignore these punks. As evidenced by ben kenobi, they are only concerned about what is in it for them, or that they get their “fair share”; they couldn’t care less if someone worked hard all their lives.
OK so you collect from the taxpayers via the Feds. Big whoop
2012 should be a war against the public sector, against the government rich. There is little downside. Few of them vote Republican.
And his pension also includes rate increases for inflation. So if you want to have enough saved to provide about 3% inflation to your self-funded retirement plan you need to make 6% a year and draw out 4% of the ever so slightly growing balance. Otherwise you are just in harvest mode and could very well run out of money before you run out of life. Even with the 6% plan you begin to harvest at the most critical time in your life, near the end when you have no means at all to recover from losses. Risk. Risk will destroy most private self-funded retirement plans.
Yup, they are part of the 1% alright, the 1% we’ll never know and the 1% we can’t afford.
WE don’t owe these people these lavish benefits we can’t afford for ourselves.
Nobody mentions that government employees average pay MUCH higher than private sector employees plus the government sector employees have better working and retirement benefits.
This is like a parent eating beans and rice so that they can buy their freeloading adult children steak and champagne.
How stupid are we? When do we cut them off?
What? Post 41 was in response to the poster talking about government reducing pensions.
I would prefer simply to welsh, rather than monkey with the tax code.
Some would say it's immoral even unconservative for a government to refuse to honor its financial obligations. But, given that citizenship is significantly less voluntary than business ownership, I feel no guilt in voting to favor such an action. And, given a good, Obama-generated crisis, it would be a shame to waste such an opportunity!