Posted on 01/13/2014 2:06:33 PM PST by Third Person
Your tax dollars just beginning to pay for bought votes from decades past. And it’s only going to get worse.
Would you object if he had saved money in a tax-free retirement account, and bought an annuity paying the same amount? Government employees are required to “invest” in the government pension plans — why should anyone object if these plans eventually pay out (as promised)?
If he had saved money in a tax-free retirement account, he would be retiring on HIS MONEY. Now he is retiring on money to be paid by the taxpayers.
paid in $222K and gets $276K a year??
He won the lottery?
Who should pay for the underfunding for all of the public employee retirement plans?
We “object”, because in order to keep the promises to which you refer, someone has to come up with the money now. Who should pay? Is there a limit to what any one taxpayer/worker should pay? How are the school systems, states, and municipalities going to cover the obligations of these plans?
They all no doubt donate part of the stolen loot back to Democrats and vote for them too
he paid in $222k and gets $267K a year, do you really think this is an investment paying out? No, this is robbing the taxpayers.
Pretty impressive number.
California is similar, only the ranks are much larger of course.
The man paid 222K into the system over 37 years. Even taking the absurd position that he contributed evenly across the 37 years (as opposed to less early on and more later in his career) with an 11% return is 2.8 million. His pension is projected to pay out 4 million. This is the government rewarding its hacks at the private sector’s expense.
The pension plans are untenable... I object to the public sector union/ elected official unholy alliance that created this mess in the first place.
He left a good job to teach..and he ended up in a great financial position.
I DO think the States, and Fed's are whacked to give these type retirements though...But hey...they think money is an endless stream!! What do you expect?
Interesting to compare to SocSec where I paid in 240k and get 28k/yr LOL.
And when the pensions system goes broke, they will come back to the citizens for more money as if they were a bottomless resource.
You know, there was (was) a time when public employees got into a “devil’s bargain” - you wouldn’t make as much as you could in the private sector, but if you kept your nose clean you would always have a job, move up to a level somewhat suitable to your ability, and retire worry-free.
“Interesting to compare to SocSec where I paid in 240k”
...are you counting what your employer paid, they they might have otherwise paid you?
Yes, 120k from me, matched by employer.
Most teachers I know have contributed over 200 gran of their own bucks into their pension plan by the time they retire; they usually retire around $4000/month. When the bottom falls out how much of any of it will matter?
Government employees who retire with pensions are benefiting from a change in their pension plans back in the 90s that greatly increased the value of these plans because the stock market at the time had made lots of money, out pacing most pension plans that paid around 50% of final pay.
Once these plans started paying out larger amounts, unions started asking for small increases to these amounts for every give in their employment contracts. Because the payout was over time, and government negotiators were often negotiating their own pensions, it was an easy give.
There used to be a book called “the millionaire next door.”
Now that millionaire is probably a public school teacher.
There was recently a big stink in Vegas over municipal pension bumping, but I can't remember if it was police or fire.
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