11 ms·

How is it possible that they can retire on 90% of their peak pay? It seems that it's based off of years of service instead of quality of service... Since the lo

• dragonwriter 9y ago
  > How is it possible that they can retire on 90% of their peak pay? Because the pension formula is an age-based benefit factor times years of service; for the “2% at 55” plan, the benefit factor ranges from 1.426% at age 50 to 2% at 55 (hence the name) to 2.418% at 63+. So someone retiring at 63+ with 37¼ years of service will get just over 90%. But that's a plan that is common to run of the mill civil service. Public safety pensions tend to have higher benefit factors at the same age (but top out, in benefit factor terms, sooner), so that level can be reached earlier. > It seems that it's based off of years of service instead of quality of service... Job type will effect which plan you are in.
• ddjfaegjhc 9y ago
  Even worse, it includes overtime comp, so they can do a year of crazy OT, earn a lot extra that year, then retire with that year as a basis.
  • tostitos1979 9y ago
    How is this not a scam?
    • conanbatt 9y ago
      Public benefits in general are a scam. They are not funded by the workers tax, its funded by everyones taxes.
  • justaguyhere 9y ago
    Holy crap! Who thought this was a good idea? Didn't no one object or at least raise questions when this was floated? I get paid hourly, and I can't charge a single hour more than 40 a week, without having to justify it.