Posted on 06/27/2010 2:32:38 PM PDT by Second Amendment First
Greg Royer ranks among the state's top-paid employees, with a salary of $304,000. But that's just part of his income. For nearly seven years, he's also collected an annual pension of $105,000.
Royer, the vice president for business and finance at Washington State University, tops a long list of college administrative staff members who've been able to boost their incomes by up to 60 percent by exploiting a loophole in state retirement laws.
A Seattle Times investigation has found that at least 40 university or community-college employees retired and were rehired within weeks, often returning to the same job without the position ever being advertised. That has allowed them to double dip by collecting both a salary and a pension.
(Excerpt) Read more at seattletimes.nwsource.com ...
Well they can’t ignore the public pensions anymore when in some places (Kalifornia cities) the pension costs are 75% of the budget.
Good for you, and thanks for all of your posts on the media on FR.
LOL!
Makes me furious because the taxpayer is psying the tab.
The taxpayer is not paying the tab in private business.
I’ve seen this quite often in the regular school systems in the state where I live. A teacher “retires” in her early 40’s from a system. Then goes back to work in that system for pay even though the retirement benefits are coming in. Can she retire twice? Who knows? I’ve seen it at other government agencies where people retire and go right back in as “consultants.”
A government worker is the USA equivalent of the USSR’s “party member.” They can’t lose. Never get fired, and men with guns come and collect your benefits from the private sector.
Wa ping
EDITED Who are America's fastest-growing class of millionaires? They are police officers, firefighters, teachers and federal bureaucrats, who, unless things change drastically, will be paid something near their full salaries every year--until death--after retiring in their mid-50s....a retirement sum worth millions.
Based on a realistic 4% return, an $80,000 annual pension payout with full health benefits implies a large pot of money--$2 million, to be precise.
That $2 million also happens to be the implied booty of your average California policeman who retires at age 55........in Carlsbad, Cali, the average firefighter or police officer typically retires at age 55 and has 28 years of service w/ an annual city pension of $76,440 for life.
SOURCE http://www.forbes.com/
Our local paper has been reporting on this in recent weeks. The double dipping school superintendents seem to think that just because it’s legal, it’s okay. They collect full pensions from Ohio and then get paid full salary for returning to work. One lady is making over $250K. Meanwhile, a person who could use the job can’t do it. I do not understand the logic of this AT ALL. My friend works for the Fed’l Govtmt and if she gets a job, they will deduct her pension from the pay she receives. That seems to make sense. I thought retirement pay was meant for actual retirees. Sheesh.
Yep. Happening big time in Ohio.
Because government employees are such a strong voting block, elected officials have done fiscally irresponsible things to keep them happy. In San Francisco, although the school system has a declining number of students every year, the district has refused to release employees that are not needed.
Others call it "rape" -- rape of the taxpayer.
If this high deficit spending eventually results in high inflation which is very likely the value of our pensions could be wiped out in very short order. This happened to my uncle who retired in the early 1970s and now receives only a few hundred dollars a month and has to supplement his income by driving a school bus in his late 70s.
In California... firefighters, police and some other state employees pensions are calculated at 3% per year multiplied by the average of their highest five years. Their pay is higher than ours to begin with. Obviously 3% per year adds up a whole lot quicker than 2% per year. I have no idea about federal employees retirement benefits.
I wouldn't deny that some firefighters and police have been given a cushy retirement deal... but not all. In Washington the previous retirement system is way over-funded and was at one time about a billion dollars ahead of its expected obligations. Ours is not as good as the previous system. Our Firefighting is the kind of job that very few old people can do well.
Say WA? Evergreen State ping
Quick link: WA State Board
FReepmail sionnsar if you want on or off this ping list.
Ping sionnsar if you see a Washington state related thread.
Hey! As a native New Orleanian, we eat red beans rice every Monday, out of choice!
(Monday was wash day in early New Orleans so they would put a pot of beans on all day to cook while laundry was done, so now... we eat em every monday!)
Jeeper, I just hulled a bushel of cowpeas this weekend and put up over a dozen pints of them. My hatred of tyranny could never be stronger!
The article says this is Washington State U in Pullman, WA, not in OR.
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