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The golden parachute of a NYS/California pension.

Old 11-12-2019, 06:50 AM
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Default The golden parachute of a NYS/California pension.

Living in NYS, I can relate to this California article. Being able to retire with a six figure pension after 25 years doesnt give you the ability to buy a Yellowfin but it give you the gift of time which is far more valuable.




https://www.thegatewaypundit.com/201...nded-pensions/
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Old 11-12-2019, 06:57 AM
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Not an expert and not posting actual numbers but I know multiple people who retired from public sector jobs and have been drawing a pension for a period of time longer than they worked. I read an article about this several years ago and one of the examples they used was the Long Island RR; at that time according to the article the annual cost for retired employees was higher than the cost of current employees.
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Old 11-12-2019, 07:03 AM
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Originally Posted by mikefloyd View Post
Not an expert and not posting actual numbers but I know multiple people who retired from public sector jobs and have been drawing a pension for a period of time longer than they worked. I read an article about this several years ago and one of the examples they used was the Long Island RR; at that time according to the article the annual cost for retired employees was higher than the cost of current employees.

I contend that if you calculate out total lifetime earnings (salary, benefits,pension) and divide it by total lifetime hours worked, you will find your average Long Island teachers, cops and LIRR make more per hour then your average doctor/lawyer.
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Old 11-12-2019, 07:27 AM
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It's not just NY & CA!! Why do you think people in NJ pay the highest taxes in the country, yet the roads are falling apart, the bridges and infrastructure are crumbling, schools suck & taxes keep rising? So my in-laws can retire in their 50s, live between NJ & FLA and enjoy their "reward" from 20 years of "hard" work! Bitter? Yeah, I'm bitter. Had to yell at my BIL numerous times over the years about telling my kids about how he goldbricks all the time sleeping on duty, freebies, conventions, etc.! I wanted my kids to think that was WRONG, not something to aspire to! Plus my SIL took multiple months off over her career because she "needed time"! F!! I need time! If I ever left a job for a month I wouldn't have it when I went back! I only took 2 weeks for my heart attack! Well, aside from venting I'm just putting my two cents in to say things are out of control with these public pensions! I think everyone should get a pension but they inadvertently screwed us with the 401K. It originally was meant to address the problem of people retiring without enough money, but corporations used it as an excuse to do away with pensions and now as a society we are worse off!

The real problem is that most of us are paying for everything while the two ends of the economy - those with nothing and those with everything don't pay a thing, so the rest of us get to fight amongst ourselves. While I think my in-laws are examples of what's wrong, I see my cousin who was a policeman & fireman and think he deserves every penny, so idk the answer?
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Old 11-12-2019, 07:28 AM
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What is NYS?
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Old 11-12-2019, 07:34 AM
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New York State.

My next door neighbors here in RI were both state employees their whole careers, both recently retired. He was a tenured professor and she worked for DEM. The state salary database is public and you can look them up. They are on the "grandfathered" state pension plan and now are pulling in about $200k/yr for doing nothing more than waking up in the morning.

Great people, no knocking them at all. Great gig if you can get it.
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Old 11-12-2019, 07:40 AM
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I'm not complaining, I'll be fully retired at 50 with a full state pension, my uncle retired from Palm Beach County Sheriff's Office with a 6 figure pension at 49. I saw that when I was younger and said "That's what I'm gonna do." I have 12 more years
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Old 11-12-2019, 07:40 AM
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Originally Posted by captbone View Post



I contend that if you calculate out total lifetime earnings (salary, benefits,pension) and divide it by total lifetime hours worked, you will find your average Long Island teachers, cops and LIRR make more per hour then your average doctor/lawyer.
So true. Long Island Railroad ticket takers make over six figures and then there was the investigation which found that there was a "disability retirement" game where something like 90% of retired employees qualified for an increased disability pension. Between that and the school districts with 6 figure teacher salaries and superintendents making 3-400 thousand dollar salaries - no wonder the taxes here are killing us. If it wasn't for my family, I would be out in a heartbeat.
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Old 11-12-2019, 11:17 AM
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Zardoz....NY and CT have the highest tax burden in the country...consider yourself lucky
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Old 11-12-2019, 11:25 AM
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Originally Posted by captbone View Post
Living in NYS, I can relate to this California article. Being able to retire with a six figure pension after 25 years doesnt give you the ability to buy a Yellowfin but it give you the gift of time which is far more valuable.




https://www.thegatewaypundit.com/201...nded-pensions/
Question:
Would you take one of these golden parachute jobs if offered?
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Old 11-12-2019, 11:34 AM
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I don't blame anyone for taking the job for the benefits. However, I do not see how those states will not be bankrupt at some point. Un-funded liabilities will eventually crash many state and our federal economies.
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Old 11-12-2019, 11:39 AM
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Originally Posted by dolbs View Post
Zardoz....NY and CT have the highest tax burden in the country...consider yourself lucky
Yes,you are correct. NJ has the highest property tax but income & sales taxes in NY & CT are pretty onerous! I'm actually in MA & MD - 2 high tax states but MA was actually kind of a relief after NJ!
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Old 11-12-2019, 12:08 PM
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Not all pensions are created equal...As a federal employee...after 20 yrs I will receive a whopping $1032 per month before taxes...then minus $170-$300 depending on which medical plan I choose...and it's not like it's given to me...i pay 4% of every paycheck into it
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Old 11-12-2019, 12:18 PM
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And don't forget the pensions in Shitcago and Illinois in general. I've paid several million of their overinflated property taxes...
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Old 11-12-2019, 12:50 PM
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Originally Posted by 1720keywest View Post
I don't blame anyone for taking the job for the benefits. However, I do not see how those states will not be bankrupt at some point. Un-funded liabilities will eventually crash many state and our federal economies.
I'll blame them...any reasonable/responsible person knows that type of retirement system is bullchit...Unfortunately, they may figure it out when the spigot goes from flowing to dripping.

Or, we will all pay when more and more bailouts occur and the irresponsible never have to pay the price while the responsible carry the burden.
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Old 11-12-2019, 12:54 PM
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Originally Posted by 1976K204x4 View Post
Question:
Would you take one of these golden parachute jobs if offered?
Funny story. I used to speak out again them. I was called jealous, hateful and told I was trying to keep people down. 9 years ago I realized that this would never stop and that by speaking out against it that I became the target. So I got on board. I am one of these people and it is amazing. Some people would say that is compromising my morals but I did the best thing for me and my family. It is too strongly connected here in NYS and will never stop.
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Old 11-12-2019, 12:55 PM
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Originally Posted by schoolsout1 View Post
I'll blame them...any reasonable/responsible person knows that type of retirement system is bullchit...Unfortunately, they may figure it out when the spigot goes from flowing to dripping.

Or, we will all pay when more and more bailouts occur and the irresponsible never have to pay the price while the responsible carry the burden.
So in your opinion someone who takes a position in which they will have a good pension and be able to take care of their family is irresponsible?
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Old 11-12-2019, 12:58 PM
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They sure are fueling the boating/housing boom in FL tho..
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Old 11-12-2019, 01:00 PM
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Originally Posted by ono loco View Post
They sure are fueling the boating/housing boom in FL tho..
The absolute worse part of it. They destroy their cesspool-States and then come to Florida and destroy it too. With all the laws and regulation, why can't they be forced to stay and soak in the sewerage that they created. Why come here???
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Old 11-12-2019, 01:01 PM
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Originally Posted by 1720keywest View Post
I don't blame anyone for taking the job for the benefits. However, I do not see how those states will not be bankrupt at some point. Un-funded liabilities will eventually crash many state and our federal economies.
Yup! And the Federal Government will bail them out. (That's you and me, FYI!)
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