picture host
Posted on 11/02/2019 11:26:38 PM PDT by rintintin
When San Francisco Fire Chief Joanne Hayes-White retired after 15 years leading the department, she joined the ranks of a growing financial elite — the 139 former city workers collecting pensions of more than $200,000 a year.
Most are former police and firefighter brass, and some are making more in retirement than they did when working. And it’s not only in San Francisco.
Hayes-White is receiving a pension of $311,560 a year, with cost of living increases of 2% or more each year.
“To put these high pensions into perspective, a guaranteed $200,000 annual pension for 25 years would require a nest egg of about $4 million,” said Stanford public policy professor and former Assemblyman Joe Nation.
(Excerpt) Read more at sfchronicle.com ...
Very lavish. In Australia, property taxes are advancing much faster than the rate of inflation. I suppose it is the same in the US.
Practicallg everyone in Illinois who were in ”public service” get more each year than they ever made.
It seems Illinois is worse off.
That is not at all uncommon. Pensions are way out of control.
“The sweetest deal in Government Pensions is for retired School Superintendents in Illinois. They are set for life with big six figure annual pay offs.”
Yep. More than a couple are pulling down over $300,000 in retirement. Plus lifetime medical benefits. And legally they can’t be touched.
L
Man, did I go into the wrong line of work.
About a decade ago, there was this California university security chief who’d retired. At the time, she was hauling in around around $160k a year in salary. In retirement, I think she was going to pull around $120k a year.
The curious thing is that the college then temp-hired her number two as the new university security chief. This guy was maybe 12 months away from retirement himself.
So the temp-guy retires a year later, and this odd thing happens....the original chief comes up and applies for the new open slot. Because of ‘time-rules’, she doesn’t have to give up her pension, so she’s given the job (increased pay of around $200k a year) and still collects the pension deal.
All legal.
Good luck with the future guys... I’m checking out.
Yep. Many of us did. Choice is a wild thing. Get it right and you have it made. Screw it up and Yieks. They were brilliant in their decision making.
Yes. Liberal taxing entities are out of control.
Property tax, Mudd tax, road/infrastructure tax, federal income tax, Social Security tax, medicare tax, fuel tax, sales tax...on and on and on. Here in America, we are taxed to the gills.
It’s all over the country, with county, municipal and transport authority pensions among the worst.
We had a Dem candidate running for local office stop by a while back. The Dem was a union member going on ad nauseum about how bad our local public servants have it.
The candidate was talking to folks who pay far more for their health insurance and health care for poorer coverage, contribute far more of our own money toward our retirement, who can be fired at will, whose next door neighbors lost their 2 generation family home to back taxes.
The candidate was clueless and had a sense of entitlement that was mind-boggling.
This is the sort of thing that foresaw the end of the Soviet Union and East Bloc. All of those resources (taxes, production, etc) were all taken from the satellite states to Moscow so Moscow could pay everybody. Once Moscow could no longer pay everybody, the whole thing collapsed under it’s own weight and internal contradictions.
The way the retirement rules are written, retirement income for “ public servants” is determined by the amount of money earned in the last year of work before retirement.
So public employees conspire to allow colleagues to work massive, unnecessary overtime hours ( often the overtime is simply no show billing ) to inflate the last year income
So a $150K per year employee works 60 hour weeks in their last year to inflate their income to $300K per year and retires on a full $300K for life - with full benefits on taxpayer expense for 20 years of work history.
This is why the pension systems of a number of states are imploding - they pay 50 year old retirees twice their highest career income while employed to be retired and doing nothing except for drawing a retirement check -with full health benefits
Taxpayers will have the last laugh.
States can’t print money.
They got too greedy and in places they have given the goose that lays the golden egg HIV which is now progressing to full blown AIDS - all the while thumbing their noses at the taxpayer because it’s legal and increasingly overburdened taxpayers have no recourse
But taxpayers can only pay so much and at some point municipal bankruptcy becomes the only solution to the completely unsustainable, fraudulent and self dealing pension system
Then they get nothing
Ridiculous! Surely there are people that can and would do that job for probably les than 100k annually but since it other peoples money amd they aren’t accountable it’s ok. I couldn’t live with myself scheming like that.
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