I tracked down some participant numbers earlier. I'll see if I can find them. According to CALPRS, their average payout is currently $20,000 for retirees (but that would be higher for those yet-to-retire under current benefit calculations). Re: how long people are living, the last time I looked at mortality tables, it usually averaged about age 80.
http://www.calpers.ca.gov/index.jsp?bc=/about/press/news/definedplans/home.xml
"Our investment research shows the defined contribution model will provide a meager retirement for most public workers, which today is on average only $20,000 a year, and it will cost more.
Thanks!
hmmm 20K a year.. and they cut it back if ya draw decent SS.. and I suspect these folks payout a lot worse then CalPERS and some other unions in this state.
and they have 170 some billion to play with.. Yikes!