Perhaps those are lump sum pension amounts and not annual pension amounts.
No, these are annuals.
Back around 2008, they had some chief of security retire at at campus in San Fran....at the time, I think she was making around $220k a year. So, the campus had a chance to hire a full-up replacement but refused to do so. The number two filled in and did the job for roughly 12-to-18 months, then he reached retirement and left....collecting his $150k a year pension.
The University then did this odd thing....they brought back the former chief (the first person) and re-hired her. Salary got bumped up to around $260k and here’s the kicker. By state law....she didn’t have to halt her pension checks. So she was collecting $150k a year on the pension and the regular job pay as well.
There is a bubble growing here and sooner or later, it will crash. Might take ten years....maybe twenty, but it’ll reach a stage where a kid requires $60,000 a year to attend a state university and the money just isn’t there.
You might be right. Sometimes a pension plan allows a just-retired person two options: Leave all your money in the plan, and get a higher annual pension. Or take a portion out, and get a lower annual pension.
Those are annual pension payments
Here’s one for you
Angela Y Davis Title: Teaching Faculty
Employer: Santa Cruz
Pension: University of California, 2014 $50,672.28