At 55! So, we pay it for 20+ years - guaranteed! That's just not available to the working man in the private sector.
Here in Cali it’s not just the prison guards that have sweet deals. Our Fire Chief just retired at 51 with a $100k “increase” in his annual take home due to the pension setup. This guy and his spouse will get $286k per year for starters ( and it is indexed for inflation ) plus lifetime health care. If he lives to 80, and that’s a good bet with his “cadillac healthcare,” he will cost us between $8 & $9 million in pension costs alone! His deputy chief has also just retired with a similar payout at a similar age. Do the math, these benefits are not sustainable. Our worthless first police chief retired 10 years ago. He never made more than $60k, but his pension today is $128,600 (it’s a matter of public record) and this jerk is on the board of the Fire District that doled out the above-mentioned pensions. The whole thing is a disgrace!