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Retirement age: Private versus government

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Posted: Tuesday, April 20, 2010 12:00 am

Once again I see a city employee, chief of police, retiring at 51 years with 90 percent of his salary.

At $150,000 per year, that's about $130,000 to $135,000 per year. How many retired chiefs of police can the city afford at one time?

I'm not complaining that these city employees are the problem; I'm thinking the people who negotiate these great retirement packages might be. How is it that private industry can't afford retirement payments until 60 to 65?

When you see that 50 to 70 percent of city budgets are going to retired employees it might be time to re-think the age limits for future employees. I think some of the best value for most trained employees in their 50s.

Dennis Regan

Lodi

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Welcome to the discussion.

6 comments:

  • posted at 3:26 pm on Tue, Apr 20, 2010.

    Posts:

    Wait a second jb...this is union work here...it must be good...

     
  • posted at 2:34 pm on Tue, Apr 20, 2010.

    Posts:

    These noble but misguided entitlements are America's worst enemy.

     
  • posted at 12:35 pm on Tue, Apr 20, 2010.

    Posts:

    I agree with you all. How can any city afford these pensions?Great letter, Dennis !

     
  • posted at 12:26 pm on Tue, Apr 20, 2010.

    Posts:

    Problem simple, too much money out, too little in, retire at 50 ??????? too young.

     
  • posted at 5:43 am on Tue, Apr 20, 2010.

    Posts:

    tjeff, it merely looks like a gigantic pyramid scheme to me that can collapse at any time. Isn't that fund already depleted by states themselves being delinquent on their funding and even borrowing from it?

     
  • posted at 1:56 am on Tue, Apr 20, 2010.

    Posts:

    The people who negotiated these deals are very math deficient and now sit on the city council...it is called kicking the can down the road. If you run the numbers for Public Safety, they are completely on the taxpayer dime after 5-6 years. (10% contribution rate for 30yrs, 6% return, 90% payout). So that means that in retirement this person will collect something like 8 to 10X what they contributed....great system...but won't last. What is amazing is that this was only put into place 10 yrs ago and now it is treated as if it is a right...not so much. Keep an eye on this, in the next 10 years this is going to get even worse and the shortfalls mount.

     

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