Posted on 12/16/2005 10:54:08 AM PST by churchillbuff
If you are among those who cling to the politically fashionable view that San Diego's financial troubles are due to the simple fact that our taxes are too low, think again. ...
When pensions, health coverage and other perks are taken into account, the average city worker receives a stunning $101,800 a year – far more than is the norm in San Diego's private sector. ...
Where else can veteran workers retire with pension checks that are 120 percent or more of their highest-year paychecks? In a bid to sustain this lavish retirement plan, the city has tripled its annual payments to the system in the last five years. Yet, incredibly, this unprecedented hike in payments has not been enough, not nearly enough, to keep up with ever-growing pension costs. ...
Since 2000, total personnel costs for the city have soared by $234 million, or 52 percent
(Excerpt) Read more at signonsandiego.com ...
already posted :-)
San Diego's burden - City pays 80% of general fund to employees
http://www.freerepublic.com/focus/f-news/1541804/posts
good work if you can get it. they ain't even got to plow or shovel snow.
Or, by my observations, fill potholes, sweep the streets, or fix traffic lights.
Sounds like they need a natural event of biblical proportions to square the books.
You can rest assured the City didn't give that up voluntarily. Look to the ever powerful labor unions for the truth. Labor unions appear to have the upper hand in the compensation debate, or debacle if you prefer.
Public "servants"(??)
unbelievable!
The "City" as represented and controlled by the city council seemed pretty willing to agree to the fat pensions in cooperation with the public employee unions. For instance, Donna Frye benefitted from the pension plan that allowed her to buy more years of service cheaply to get a better pension when she retires from the city council.
LOL!
With the climate and that kind of pay...hell, I'd move to San Diego too.
The only "servicing" involved is what the elected officials perform on their union boss masters.
dat's a whole buncha gubment cheese.
For instance, Donna Frye benefitted from the pension plan that allowed her to buy more years of service cheaply to get a better pension when she retires from the city council.>>>>>>>>>
Buy more years of service cheaply? I don't understand what you mean.
If you don't die, your retirement pension will be much higher than the money you paid to "buy" those credits, and you don't need to work so many years because you can simply "buy" those years of service.
Let's say you need 20 years of service to get a pension equal to x% of your salary, but you're short a few years, which qualifies you for a smaller pension. If you "buy" work credits for the difference in years, you can retire now with the 20 year service pension.
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