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| Home Front: Politix |
| Blood Boil Alert: Ticking Time-bomb, Public Employees retirement |
| 2009-05-04 |
| CRAIG BOWEN'S SALARY during his final year as chief of the San Ramon Valley Fire Protection District was about $221,000 a year. So how did he end up retiring in December with a tax-advantaged annual pension of $284,000? The answer provides an amazing case study that highlights problems with public employee compensation and reveals tricks that allow workers to spike their pensions at the expense of their fellow employees and taxpayers. The Bowen story has some similarities to the case I examined last month of Peter Nowicki, the chief of the Moraga Orinda Fire District who was able to turn his $185,000 annual salary into a $241,000 yearly pension. While each public agency has different rules that provide new ways to take advantage of retirement systems, many of the lessons can be applied across the board. |
| Posted by:GolfBravoUSMC |
| #9 The Craig Bowen story is quite a shocker but please don't think it is true of all public employee's. As with Frank G. the State of Idaho says that the "generous" benefits will compensate for the lack of wages. Of course there are "pay for performance" programs that are never funded after the first year. The total retirement here is about 60% of the average of the last 3 years. No health. Both the State and individual contribute and the individual can also contribute to a 401K if they wish. I enjoyed the work (Transportation Engineering Tech) and felt the work was of benefit to the public (that hadn't a clue of what I did). As with Frank I knew what I was signing up for. When you criticize public employees please put down the shotgun with 00 buck and pick up the scoped rifle. There is plenty to shoot at as it is without going wild. |
| Posted by: tipover 2009-05-04 22:13 |
| #8 and my employer has asked that I contribute more $ to fund that liability. I voted yes....then I paid. To those whose 401K's etc, have lost half its' value in the last year. I understand. Mine did too. |
| Posted by: Frank G 2009-05-04 21:39 |
| #7 not a problem. I understand a lot of people have issues with public pensions, and the way some people play them (and they should on that last part. This guy Bowen's is a poster-child). Just trying to say there's a long history of gov'ts offering retirement sweeteners in lieu of raises keeping step with inflation, and many people (read "me") made a contractual decision to accept them. I will not now accept that I was "bad guy" for doing so, as I passed up other options in good faith. Craig Bowen's, however can go f*** himself |
| Posted by: Frank G 2009-05-04 21:33 |
| #6 OK Maybe Hellfish overreacted just a tad. Of all of the careers one chooses Firefighter is among the most respectable. That pension story did push me over the edge a bit - obviously. |
| Posted by: Hellfish 2009-05-04 21:10 |
| #5 NB - I will receive a public pension in Cal. It is 2.5% at 55, maxed at 90% (i.e.: 36 yrs = 90%). We don't get any sweeteners to my knowledge as the Chief used. As an engineer, the retirement $ and health bennies was an incentive to accept the cut ($30-40K) between public/private, the lack of raises, and the security of a (supposedly - I put in more on my own) 40 hour work week with job security. There are all sort of horror stories like this guy out there (Fire Dept seems to be particular offender at my agency), but remember that there are offsets and balances before you throw the stones that I know will be coming. I signed contracts knowing what was offered and accepting known offsets. |
| Posted by: Frank G 2009-05-04 20:32 |
| #4 Spiking not limited to California. Omaha police are guilty, with all out lawfare raging as the public has been make aware via TV ads. |
| Posted by: Lumpy Elmoluck5091 2009-05-04 20:03 |
| #3 I'm glad I don't lived in the financially strapped and broke state of Kalifornicate. Sounds like the taxpayers get a royal reaming. |
| Posted by: JohnQC 2009-05-04 17:49 |
| #2 The revolution's comin and leeches like this won't like how it turns out. Fireman or not. $200K+ a year for a job spent mostly drinking coffee. Bullshit. Thanks for your service. Take $50K a year and be happy ya freakin crook. |
| Posted by: Hellfish 2009-05-04 17:15 |
| #1 Golf - you want me to do an early refil of my blood pressure meds... right? |
| Posted by: 3dc 2009-05-04 16:30 |