Lee McDougal
Posted on 08/06/2019 3:36:58 PM PDT by artichokegrower
Nine years ago Lee McDougal retired as the manager of a small Southern California city and started collecting the pension he earned over 38 years in public service.
Today, his retirement earnings top a list of 1,200 public pensions in the California Public Employees’ Retirement System that exceed federal limits, according to data kept by CalPERS, which administers the plans.
Last year McDougal’s pension was about $337,000 — nearly a third more than the federal maximum for public pensions. The excess portion comes out of his former employer’s annual budget instead of the state’s public retirement system.
(Excerpt) Read more at sacbee.com ...
Taxpayer funded lucrative retirements. State retirees are more equal than others.
An acquaintance just retired from the county education department. Said he’s getting a raise in pay by going into retirement.
This system would work if the participants had shorter lifespans.
I’ve heard that before. Public service pays well.........
There should NOT be defined benefit pensions. There should ONLY be defined contribution pensions.
I don’t doubt you one bit, but I’m wondering what mechanism makes this possible.
“’At Some Point, You’ve Made Enough Money’ - Obama.”
He said that?
To respond to such foolish talk one needs only to channel their inner ‘Gordon Gekko’ and say: “It’s not a question of enough, pal. It’s a zero sum game - somebody wins; somebody loses. Money itself is not made or lost, it’s simply transferred.”.
That’ll really get his blood boiling!
” If you’ve got a business – you didn’t build that. Somebody else made that happen.” - Obama
How about if you got a 6 figure public pension?
Damned penurious Scots!
“”nearly a third more than the federal maximum for public pensions””
Lived in CA for 50 years and heard a lot about the outrageous pensions paid to city/county/state employees but I never heard or knew that the feds have any say over them. What’s it to the feds?
He didn't "earn" that. In this context, it was taken from people under threat of arrest. Politician should not be a career choice.
And one wonders why California is broke. As Glenn Reynolds says, something that can't go on forever, won't. These public sector pensions in CA, to teachers, city managers, you name it (I exempt cops and firemen, they've earned it), are going to kill the state. And then they will come begging to the feds to bail them out.
Guess who’s gonna be on the hook for a bailout when CALPERS goes bust....
.
>> “Money itself is not made or lost, it’s simply transferred.”<<
Under the Fiat banking system, Money is MADE at the printing press!
.
What do you have against Firemen?
They have a right to their $500K pensions! (Plus other perks)
I knew a guy who retired from Metro-North Railroad Management with a pension north of 12K a month.
Then within 5 years the stupid bastard managed to finish himself off with alcohol. He was 62.
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