state pensions

[Marty Champions]

which positions actually deserve that 80 to 90% pension

great thread

[Primemuscle]

which positions actually deserve that 80 to 90% pension

great thread

Mine.

[BlackMetallic]

Mine.

^ His

[Ron Jeremy]

Alot of Florida State employees get 48% of their highest 5 Year average. Say your 5 year highest years were $50,000, you will get a pension of $24,000. This is after 30 years.

[Mr Anabolic]

90% of them are totally unsustainable. 

The coming financial/economic/societal crash will be overwhelmingly devastating.

[DanzigBrah]

I asked my private sector manager what my pension plan was when I leave, he looked confused for a second then started laughing, hope that helps.

[Primemuscle]

I asked my private sector manager what my pension plan was when I leave, he looked confused for a second then started laughing, hope that helps.

Hope you are investing in and saving for your own retirement. SSI doesn't provide enough to survive on. You should look for employment elsewhere. I'd suggest public employment, but you probably would not like the lower salary.

[Coach is Back!]

I asked my private sector manager what my pension plan was when I leave, he looked confused for a second then started laughing, hope that helps.

lol

[Powerlift66]

Never worked in a jab like that where a pension comes into play. I have 401K's for 30 years now and have a ton of money in there I cant touch
The million dollars looks great on paper (well, 900K) I just hope I live to be able to collect on it someday... (The company matching tax free, is what really drives that stuff up)...

[liberty]

Large schools give pensions....
I'm an old fucker now but I worked for MIT for 25 years...technician.
They also have tons of tradesman like plumbers,carpenters,electricians etc.
Full pension when I retire,plus S.S.,plus the 401k
Great benefits working at a big college as well.
Harvard for instance has over 4000 employees.
HTH

[residue]

I asked my private sector manager what my pension plan was when I leave, he looked confused for a second then started laughing, hope that helps.

defined benefit or defined contribution?  

[residue]

Never worked in a jab like that where a pension comes into play. I have 401K's for 30 years now and have a ton of money in there I cant touch
The million dollars looks great on paper (well, 900K) I just hope I live to be able to collect on it someday... (The company matching tax free, is what really drives that stuff up)...

same, i've been contributing to my 401k since i was 21, even something as small as 5% on an entry level salary is going to guarantee you over a million by the time you retire.

[deadz]

State jobs...garbage!

[Primemuscle]

Large schools give pensions....
I'm an old fucker now but I worked for MIT for 25 years...technician.
They also have tons of tradesman like plumbers,carpenters,electricians etc.
Full pension when I retire,plus S.S.,plus the 401k
Great benefits working at a big college as well.
Harvard for instance has over 4000 employees.
HTH

I'm unclear what you mean by large schools. Do you mean large private schools or do you mean public schools? Public sector pensions are offered by federal, state and local levels of government. They are available to most, but not all, public sector employees. Private schools usually offer retirement benefits to attract employees.

[Shizzo]

I never understood pensions. I am probably just hating because I don't have one, but how can you justify paying someone who doesn't even work anymore? At least with a 401k you have to put a certain percentage of your own money in for many years, and then most companies will match a certain percentage.

I'm sorry, I respect Police, firefighters, teachers, military etc.......but how and where do we get the money to keep paying these people after they have retired?

I get social security and 401k (you pay into both) but who came up with pensions?

Where does the money come from?

Edit: Private companies like the NFL can afford to do whatever they want regarding pensions. I'm mainly talking about taxpayers having to foot the bill for state and government employees.

[Shizzo]

You should also be able to claim your yearly social security taxes under charitable donations. I have no problem with it, but I am helping to pay for older people's care. I can absolutely respect that. I just better get mine, when I get to be that age or there will be hell to pay.

I am in my mid thirties, and I keep hearing that my generation may be the first to be screwed out of social security benefits. Shit will hit the fan if that ever happens. I am a law abiding citizen, who understands the value and importance of paying his Federal and state taxes, but I will be damned to find out (when I am older) that I have been giving out free money for 50 years.

Isn't it funny that one of the main reasons of the Revolutionary War, was that Americans in the new world were tired of taxation without causation from the British Empire across the pond.  Look at how many taxes we have today 

[Twaddle]

I never understood pensions. I am probably just hating because I don't have one, but how can you justify paying someone who doesn't even work anymore? At least with a 401k you have to put a certain percentage of your own money in for many years, and then most companies will match a certain percentage.

I'm sorry, I respect Police, firefighters, teachers, military etc.......but how and where do we get the money to keep paying these people after they have retired?

I get social security and 401k (you pay into both) but who came up with pensions?

Where does the money come from?

Edit: Private companies like the NFL can afford to do whatever they want regarding pensions. I'm mainly talking about taxpayers having to foot the bill for state and government employees.

Many persons who collect on a pension have contributed to that pension for their entire career.  For example, a local public safety entity (fire, police, ems) contributes 20% of their paycheck, to their pension.  Their city would also match their contribution.  Their pension fund managers would then invest the money.  Their final pension check would be determined, based on how much they have contributed over the years, and how long their career was.  If the pension fund managers have invested correctly, and done their calculations correctly, the pension should be healthy and never run dry. 

Also, the above public safety entities would not contribute, nor be allowed to collect social security. 

[Shizzo]

Many persons who collect on a pension have contributed to that pension for their entire career.  For example, a local public safety entity (fire, police, ems) contributes 20% of their paycheck, to their pension.  Their city would also match their contribution.  Their pension fund managers would then invest the money.  Their final pension check would be determined, based on how much they have contributed over the years, and how long their career was.  If the pension fund managers have invested correctly, and done their calculations correctly, the pension should be healthy and never run dry. 

Also, the above public safety entities would not contribute, nor be allowed to collect social security. 

Thank You! I am sorry for my misunderstanding. This is why forums were invented.

[Marty Champions]

cops n docs deserve pensions

[Shizzo]

cops n docs deserve pensions

Sure, as long as they pay into them. I never knew that. So it is basically like a 401k and social security. You pay to play.

[Twaddle]

Sure, as long as they pay into them. I never knew that. So it is basically like a 401k and social security. You pay to play.

It essentially is like a 401K, except the employers contribution would be the local government.  IE, the taxpayers of the city or state, pay that contribution.  I for one don't mind my taxes going towards a public safety pension.  After all, these men and women risk their lives daily.  They deserve a healthy retirement. 

[SF1900]

The people who hate pensions don't have one.

These same people would accept a pension if their job offered one.

[oldtimer1]

If you want a pension apply for a job that gives one like a cop, fireman or teacher. If you don't shut fuck up. 

[Primemuscle]

You should also be able to claim your yearly social security taxes under charitable donations. I have no problem with it, but I am helping to pay for older people's care. I can absolutely respect that. I just better get mine, when I get to be that age or there will be hell to pay.

I am in my mid thirties, and I keep hearing that my generation may be the first to be screwed out of social security benefits. Shit will hit the fan if that ever happens. I am a law abiding citizen, who understands the value and importance of paying his Federal and state taxes, but I will be damned to find out (when I am older) that I have been giving out free money for 50 years.

Isn't it funny that one of the main reasons of the Revolutionary War, was that Americans in the new world were tired of taxation without causation from the British Empire across the pond.  Look at how many taxes we have today 

That was then and this is now. Circumstances change as the world progresses and America has come a long way since 1776. Americans are currently taxing themselves to pay for social services, military defense, infrastructure, etc.  When Russia or China starts taxing Americans, we will have Revolutionary War II.

[Primemuscle]

The people who hate pensions don't have one.

These same people would accept a pension if their job offered one.

Public service jobs' wages often aren't competitive with the private sector. Benefits help make up for this. It's a trade off. Folks sometimes say they'd prefer to save and invest in their own retirement. Statistics suggest that frequently does not happen. I for one, was lousy at investing in my own retirement. This is partly why I was willing to take a sizable reduction in wages when I became a public employee. For me it was a good decision.