Worse news for taxpayers, who pay most of the costs of these rich pension benefits.
In Mrs. Mugwump’s case not really. Over the last 20 years she has paid approximately $110,000 from her earnings to the state retirement system.
The district she works for may match that, but I don’t know for sure. (Half in this case is “most” minus one percent. :)
Her pension will amount to a little less than one third of her gross salary for this year. We don’t expect that she’ll collect a fraction of her own contribution before the state says “sorry, we don’t have the money anymore. No more pension.”