Christine's team better get hopping---this item is a sure-thing election killer.
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THE MILLIONAIRE COP (firefighter, teacher, federal bureaucrat) Next Door
BY Rich Karlgaard, Forbes Magazine 6/28/10 issue
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, CA 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. SOURCE http://www.forbes.com/
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Retire-rehire practice is double-dipping
San Francisco Chronicle ^ | 10/1/10 | Chip Johnson / FR Posted by SmithL
"Annuitants" - in public sector parlance - refers to retirees who are rehired to work their old jobs or similar positions, a practice that has become all too common in local and state government. For the retirees, it's just one more way to remain on the public payroll - while collecting pension benefits.
But some government leaders see this recycling of employees as a cost-effective measure in tough economic times: These experienced and skilled employees are available to pitch in during busy periods or fill-in temporarily while new or promoted workers are trained to replace them. "They don't receive benefits, and there's no pension cost to employers," said Pat O'Connell, the auditor-controller for Alameda County.
For most workers, for every dollar spent on salary, the county spends another 50 cents on health and other employee benefits, O'Connell explained. Annuitant employees are restricted by state law to no more than 960 hours - or 24 weeks - of employment for the year. They receive a payroll check, a pension check and - after being laid off until the next year - unemployment insurance payments. It means that in some cases annuitants earn more money than they ever did as full-time workers. Nice work if you can find it.
But there is something terribly wrong with giving pension-collecting retirees a second bite at the apple. Such policies run counter to claims of drastic cost-cutting measures in an effort to bring government spending within the limits of its means. (Excerpt) Read more at sfgate.com ...