outrageous story not getting much play!

by MaxEntropy_Man Sun Dec 02, 2012 1:24 pm

http://ac360.blogs.cnn.com/2012/11/26/police-chief-earned-457000-a-year/?hpt=hp_tvbx

by Marathadi-Saamiyaar Sun Dec 02, 2012 3:14 pm

MaxEntropy_Man wrote:http://ac360.blogs.cnn.com/2012/11/26/police-chief-earned-457000-a-year/?hpt=hp_tvbx

This is one of the worst cases. I recall hearing a similar story on some fire chief of a LA suburb.

The california state retirement system gives a pension after 20 years of service (at 5% per year of service). These guys who join the force at 22 or 23 retire at 45 with a fat cat 100% pension based on the last salary. Of course, they are only 45 and end up taking another big salary job and almost doubling their annual income to 300K to 500K in total.

Here is something you would regret. The Cali state university system also followed a similar system -those with 20 to 25 years service can comfortably retire at 100% of last salary (this is not 403k which they save their money tax free in addition). I think the cali system reduced that to some 2.5% per year of service in recent years. A pension system that almost all university systems across the country disbanded in the 70s at the time of oil embargo and 20% interest rate.

If only had you worked in a Cali system, you could have retired at 100% salary and spend all your time here and enjoying carnatic music.

outrageous story not getting much play!

outrageous story not getting much play!

Re: outrageous story not getting much play!