Nice work if you can get it.
No wonder the pension system is in trouble. Politicians promising union bosses future benefits so the house would crash when they are on the golf course retired in Florid, with all the other NY pensioners..
I remember reading about a laborer who, on his own, put aside money like mad and retired a multi-millionaire.
- Rarely ate out.
- Took in a boarder to help with household expenses.
- Never bought cars new and drove them until they died.
Had a cousin who was a Lt. in the Buffalo Police. Made about $40k a year. After 20 years, retired. In his last year, he worked so much overtime he retired with a pension of $89k/yr.
I have been waiting for public worker pensions in the NYC area to become a national scandal. Hopefully, this is the start.
They need to be cut in half if not more.
Janitors in our local school district - ruined a decade ago by liberal-fantasy busing, so that now every white kid goes to a private school - belong to the AFL-CIO (I believe, or one of the big ones). They sat on their butts while our group rehearsed, but we were charged $1000/ month for ‘their services.’ There was never TP in the bathrooms; floors dirty; things in disarray. I am sure they get these pensions too.
It is so wrong.
When politicians want to buy votes from government workers they don’t care how much they cost.
He worked 60 years for the same outfit - far longer than most employees anywhere; and in investing “time is money”. In addition to the compounding effects of earnings, he had contributions piling up for sixty years. Yea, the basic benefit calc itself is likely generous, but all those years - 60 - compounded just how generous it was.
In order to crimp some of the tier 1 pensioners from being as “blessed by the system” as this guy was, they’re going to have put in a mandatory retirement rule set not by age alone, but by age OR 25/30 years in the pension system already. Call it an “out by 30” rule. And set it for whichever comes sooner - age 65 or 30 years in the system.
He worked 60 years! He could have got a pension for more than he was working for, for many years.
In effect, he paid the city to stay on the job for about a decade or two.
For total disgust, read Plunder: How Public Employee Unions are Raiding Treasuries, Controlling Our Lives and Bankrupting the NationNov 23, 2009
by Steven Greenhut
Same thing happens in CA everywhere. This is what government unions and Democrat politicians do to taxpayers.
OMG!!! OMG!!! STOP THIS MADNESS!!!!
How ‘bout we just get GOVT out of the conflict of interest they call ‘bargaining’.
Where else but govt can the negotiator and the ‘employer’ be the same?
- Terminate public unions
OR
- ‘Negotiate’ using a 3rd party.
- Use real-world figures/averages (be it current private pensions a/o 401K)
- Prohibit unions from ANY access to the pols and their election (no ‘donation’ of $$, time, man-power, etc.)
- Kill of the multi-employment laddering (work one job, retire, hired in another position to bump the $$ payout)
- ??
Course, #1 is optimal. Govt needs to be brought back to the REAL world; not of govt ‘accounting’
I should have gone into garbage.
No sh*t. The private sector has been economically gang banged for the past several decades. And everyone in government has been well aware of this epic double standard.