Many places you can retire with an age + years deal. Of course, if you’re under 60, you take a reduced amount so it evens out in the end.
What a shameless racket.
And many of them likely move into another civil-service job and double-dip, retiring with an income several times the average wage of their area
How about, you can retire at an early age but you cannot receive a pension until age 65?
In a way, it seems like a form of extortion.. legal yet.. and who knows how to extort better than politicians and union officials? jmo
Don’t like working into your sixties to pay for pensions of these gold brickers? Just shut up and eat your dogfood.
Even worse, they take that pension and move to somewhere like North Carolina and don't pay taxes back into the system, so it's a total loss to the state economy.
Politicians are politicans first and at their core are idiots who can be sold anything by the bureaucrats who lead them.
It is simply criminal for anyone to retire at 55. It is economically practically unsustainable. It is surely outrageous to expect the public or anyone to support someone from that time until they die without deeply discounting the benefit for the accelerated payments.
Life is great for public empooyees. It is a lifetime of pay and pay and pay for the tax payers.
Most public pensions do NOT need to follow the regulatory and audit provisions that corporate pensions do. They do not issue reports on performance, nor disclose returns or fees paid.
Most public pensions are managed by a mix of political appointees, their cronies and Wall Street sharks
Its a recipe for immense theft, malfeasance and political corruption.
YOU will someday need to bail them out.
I had a cousin who worked as a police officer in Buffalo, NY. Earned about $40,000. His last year, after working 20, he earned over $100,000, working all the overtime he could get. Retired with a pension at age 48 of $89,000 a year. They based the pension on last year’s earnings.