Posted on 12/10/2011 4:15:53 PM PST by macquire
COLUMBUS, Ohio - After nearly 40 years in public education, Patrick Godwin spends his retirement days running a horse farm east of Sacramento, Calif., with his daughter.
His departure from the workaday world is likely to be long and relatively free of financial concerns, after he retired last July at age 59 with a pension paying $174,308 a year for the rest of his life.
Such guaranteed pensions for relatively youthful government retirees — paid in similar fashion to millions nationwide — are contributing to nationwide friction with the public sector workers. They have access to attractive defined-benefit pensions and retiree health care coverage that most private sector workers no longer do.
(Excerpt) Read more at startribune.com ...
This is crazy. No wonder we are so messed up.
He will find out soon that his pension payments cannot be paid for long. The money will not be there soon.
What part of “American tax payers can’t afford this” doesn’t Washington understand?
Private pensions should be tax free!
This just means he made too much while working. This isn’t the norm. Its californicate.
I met a guy last week who was bragging about his 3 govt checks. I really wanted to smack him.
Running a horse ranch also gets him a pile of tax breaks in this stupid state. This is obscene.
You know that in some States it's the opposite, at least for Federal Government pensions. (I think North Carolina is one.) There is no State tax on income from Federal Government pensions, but private pension income is taxed. You see it's equal protection under the law.
ML/NJ
If he had the amount of stocks and bonds, giving a return rate of 4 percent, which is probably typical, he’d have the equivalent of about 4.5 million dollars.
This is really upsetting to me because my Hub is being bunched in with the likes of this. He worked civil service for 30 years, paid into his city retirement, ALWAYS paid his own health insurance, retired, took another job and retired for good in January. Up until May when the city changed insurance he paid 10 thousand a year out of his pension for health insurance and now he pays & thousand a year out of his pension. His pension is under 45,000 a year and the city is trying to take his as well as any city emloyees pensions away. We’re not setting the world on fire with this pension but there are those who think they can go back on their word......the promise made in ‘68 when he started to work for the city because of todays budget shortfalls. Why is it older people, first responders and emergency employees that have to take furloughs, cut pensions, no raises because of the waste and fraud and total screw ups city gooberments have made? Now the feral gooberment is zeroing in on our military! Just damn!
“Why is it older people, first responders and emergency employees that have to take furloughs, cut pensions, no raises because of the waste and fraud and total screw ups city gooberments have made? Now the feral gooberment is zeroing in on our military!”
My FRiend, there’s a reason why they go after first responders & police. It’s called CLOWARD-PIVEN.
Don’t you just love it when Democrats rant on and on about the evils of greed?
You sound like a Democrat. Did you mean to post that on DU?
There is plenty of waste in Fire & Police Departments.
Every bureaucracy is bloated. All government agencies are inefficient.
And the people who work within them know it.
If a person works for government for 30 years they should not be surprised that they have been part of the problem and should not be outraged when people notice. I am quite sure you never refused any goodies that came from the government teat. Of course not - you deserved it, right?
That’s what they all say.
I’ve got friends who are public school teachers in Tennessee. They tell me that teachers can “retire” with full pension and health care after 30 years in most states. So many of them “retire” in their mid to early 50s then go teach in another state, so they can draw the pension and a salary.
But they say Alabama allows teachers to retire with a half pension after just 25 years. And most of the states that surround Alabama allow teachers to count most of their Alabama time towards pensions in those states.
So Alabama teachers can retire in their early to mid 40s with a half pension, go work in a neighboring state for 10 years or so and retire with a full pension from that state and they still are just in their mid to late 50s.
Hyperinflation will resolve this situation.
Notwithstanding, I would try and carry on a conversation with you about this but your smart-assed attitude will make that next to impossible. The contract was signed in good faith, he paid into it, always paid and still pays his own health insurance and now the city wants to take it away. He was too busy working his butt off protecting even the likes of you day and night and probably thought it would be worth it in the future.......oh the gall of that man!
Oh you pegged my. Yeah, I’m a liberal Demonrat.....yep ya figgered me out.
“...he’d have the equivalent of about 4.5 million dollars.”
I told a worthless Marxist university “professor” here that he is the 1%, based on his approaching retirement benefits.
It only shut him up for a few minutes.
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