Good deal for the person collecting the pension. Not so good for the municipality. He better hope they do not go bankrupt.
Your formula is too modest. Many regular civil servants have a formula capped around 70 to 75 percent. But police and fire are capped around 95 percent.
And for regular civil servants they might get 2 percent times years of service, capped at 70 percent of salary. While police and fire get 3 percent (or more) times years of service, capped at 95 percent of salary. Additionally, regular civil servants have to wait until age 60 (or later) to obtain full formula percentage (of 2 percent times years), any lesser age over 50 they get a penalty fractional calculation done and obtain a smaller pension (and not based on overtime). But police and fire are allowed to retire at 50 with full calculation and no penalty on pension. Many get pensions far in excess of their regular salary, pay for not working as a retiree. Police and fire unions are very powerful groups that sway city hall into giving perks, all in the guise of public safety.
Pension in Cal is highest year.
This is the dirty secret of OT. UsuallyOT is granted to the highest in seniority first. Ofcourse at time and half. Sop if the cop is making $50 an hour OT is $75.
BUT if the force would hire extra cops they could not pay Stand just move cops around. So that the extra cop who is new may make 25 and hour and $7 in benefits for 32 a savings of $43 and hour over paying the senior most cop time and half.
In our department we knew a lot of COs called in sick on Friday Saturday and Sunday, we could have hire a bunch if part-timers or newbies to cover those shifts and save a lot of money (the Deprt of Corrections in cal has the same heavy spending for OT as Pos, maybe more). But they were reluctant to hire the new employees to save the money.