Pension bigger than salary?

Pension bigger than salary?

pension_reform_moneyMost people understand that your pension will be less than your salary. You don’t have to commute any more, so your car expenses are down. You can downsize your house because your kids moved out — or at least that used to be the case before high housing costs and bad job prospects kept kids around. And there’s a good chance your mortgage is paid off, or soon will be.

But they do things differently in Contra Costa County. Dan Borenstein writes:

Warren Katchmar’s top annual salary was $102,896; his starting pension was $104,020. Similarly, Bhupinder Dhaliwal traded up from a $135,433 salary to yearly retirement pay of $143,462.

How did these Central Contra Costa Sanitary District employees collect more in retirement than working? They leveraged generous district leave accrual policies and retirement system rules that enabled workers to spike pensions as much as 40 percent.

The rules were never legal. But public employee retirement systems in Contra Costa, Alameda and Merced counties had ignored past court decisions, prompting state lawmakers in 2012 to pass a law reaffirming the earlier rulings.

Contra Costa Superior Court Judge David Flinn recently upheld the new law, ending most of the spiking for future retirees. Labor unions in the three counties, who claim the law violates past promises, have appealed.

Hey, it’s government.

32 comments

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  1. Ronald Stein
    Ronald Stein 21 July, 2014, 14:19

    The inmates are running the Asylum. Public sector contracts negotiated by public sector employees that hammer out a contract that forces under duress a third party, taxpayers, to cough up the necessary dough, doesn’t seem too pass the smell test. In fact, it more closely resembles racketeering. Any challenges to that “racket” would be heard before judges who have pension and benefit package they want to protect. Again, seems like a racketeering cover-up right before our public eyes.

    The major problem is that most current public employees are guaranteed defined-benefit plans, under which their benefits are guaranteed no matter how well, or badly, the underlying pension investments perform. Reforms could include, at a minimum, a shift to defined employee contributions plans for new hires, under which employee contribute a certain amount, usually with matching contributions from the taxpayers. The final pension payout then is not guaranteed, but depends on how well the investments perform. The taxpayers are not on the hook for poor investment performance.

    Fiscal irresponsibility protects the jobs of bureaucrats who use their power in ways that harm those who work for a living.

    Reply this comment
  2. Ted
    Ted 21 July, 2014, 15:35

    “IF” this happened– it is a rare case indeed. The average calpers retirement is about 25k per year.

    Reply this comment
    • Donkey
      Donkey 21 July, 2014, 17:30

      That is not the average over the last ten years you thieving RAGWUS feeder. 🙂

      Reply this comment
      • NTHEOC
        NTHEOC 21 July, 2014, 18:35

        you thieving RAGWUS feeder.
        ——————————-
        What kind of father are you donk to say such things about your own son? My dad would never say something like that to me.

        Reply this comment
        • Donkey
          Donkey 21 July, 2014, 22:57

          Of course he wouldn’t, he sucks off the same teet as you my nepotistic parasite. 🙂

          Reply this comment
          • NTHEOC
            NTHEOC 22 July, 2014, 08:02

            Oh ya donkey, He is only an ARMY veteran who served in Vietnam and then spent 32 years in the fire service. I call that a lifetime of public service! But hey, he’s just another trough feeding thief in your eyes. Why do you hate our military veterans so much? A big majority of police and ff’s served you know!

          • Donkey
            Donkey 23 July, 2014, 07:36

            I’m a military vet you imbecile, and I hate no one you fit throwing little feral child. I write the truth, your problem is that stealing is not a vice you understand because you live in a fantasy. 🙂

          • NTHEOC
            NTHEOC 23 July, 2014, 07:55

            You throw your share of fits donkey.

          • NTHEOC
            NTHEOC 23 July, 2014, 17:46

            Donkey says,
            I’m a military vet you imbecile
            ————————
            So was Timothy Mcveigh, you have a lot of similarities!!

          • Ted Steele, CEO
            Ted Steele, CEO 23 July, 2014, 20:55

            Been there done that I am certain Duncey was in the rear with the gear—- IF he ever served.

  3. Ted
    Ted 21 July, 2014, 15:36

    Cal pers– 300.5 BILLION today!!!

    Reply this comment
    • NTHEOC
      NTHEOC 21 July, 2014, 18:16

      Calpers—–MAKING IT RAIN $$$$$$$$$$$$$$$$$ all over the dormers!!!! Lol

      Reply this comment
      • Donkey
        Donkey 21 July, 2014, 22:55

        You moron, it’s not about Calpers, it’s about the compensation for a RAGWUS job. You people are thieving crooks and so sick in the head you really believe you deserve all you are stealing. 🙂

        Reply this comment
  4. Ted
    Ted 21 July, 2014, 15:40

    Duncey– PLEASE respond with a RURG asap!

    Reply this comment
  5. bob
    bob 21 July, 2014, 18:44

    What’s that Willie Nelson tune…

    MOMMAS DON’T LET YOUR BABIES GROW UP TO BE ANYTHING BUT RAWGI. (Plural for RAWGUS).

    Reply this comment
  6. Donkey
    Donkey 21 July, 2014, 23:00

    The RAGWUS feeders don’t dare address the stealing going on, just make up stories about how much they steal and how it is endless, complete fools. 🙂

    Reply this comment
  7. Ulysses Uhaul
    Ulysses Uhaul 21 July, 2014, 23:49

    Ragwanini……Italian government workers.

    Donkey is pretty mean these days…..must be tight polyester pants or something!

    Reply this comment
    • Bill Gore
      Bill Gore 22 July, 2014, 07:41

      Agreed-burro’s tone is somewhat off-putting. Surely for all their sacrifices government workers deserve to make moar in retirement than they actually did ‘working’.

      Everyone knows that you can make far more in the private sector, with better benefits too.

      At the City of San Diego the number one topic of conversation is retirement. You have your base defined benefit plan, plus the DROP, plus unused sick leave and vacation (older employees are notorious for coming in extremely sick, so desperate are they to pad the totals) plus deferred comp plus a nice 401k with matching plus a lifetime health plan benefit (or medicare premium matching-your choice!), so yeah I don’t see what all the fuss is about. Just a bunch of haters…..

      Reply this comment
  8. Queeg
    Queeg 22 July, 2014, 00:06

    Teddy

    Donkey is very frustrated with his life in California. Be kind to him. I will try too!

    Reply this comment
    • Ted Steele, CEO
      Ted Steele, CEO 22 July, 2014, 06:22

      I try to show compassion Queeg– it’s hard— the poor guy has self loathing issues because he raised kids who are guv-ment workers.

      Reply this comment
  9. NTHEOC
    NTHEOC 22 July, 2014, 07:56

    FACTS FACTS FACTS!!!!!!!!!!!!!!!
    The fact is the majority of CalPERS retirees receive only 50 percent of their highest pay or less in pension benefits, with an average pension of $31,500 per year. Unlike the private sector, about 40 percent of CalPERS retirees don’t receive Social Security and their CalPERS pension is their sole source of retirement income. While the $100,000 per year pensions receive high publicity, the fact is they only represent 2.6 percent of CalPERS retiree payments.
    Oh how the truth hurts you DOOMERS. C’mon you envious haters, prove it wrong. Show us the numbers that more than 2.6 percent recieve these 100k pensions!

    Reply this comment
  10. Ted Steele, CEO
    Ted Steele, CEO 22 July, 2014, 20:48

    300.6 BILLION today baby!

    Reply this comment
  11. Ulysses Uhaul
    Ulysses Uhaul 22 July, 2014, 22:30

    Pensions are safe and secure. Isn’t California great?

    Reply this comment
    • NTHEOC
      NTHEOC 23 July, 2014, 08:19

      Your right on the money uhaul! Calpers has never once missed a check and has hit record funding levels, Over 300billion!!! Now that the pension funds have all hit super funded status again like we knew they would, let’s hope all the entities involved do not take “pension holidays” like in the past and fail to pay. That was the biggest reason the local cities found themselves short on funds.

      Reply this comment
  12. Donkey
    Donkey 23 July, 2014, 07:40

    Modern day bandits, the RAGWUS feeder!!! 🙂

    Reply this comment
  13. NTHEOC
    NTHEOC 23 July, 2014, 17:42

    The donkey lives in HB, his views are not shared with his neighbors or fellow citizens. The people overwhelmingly voted in support of a city pension tax! Lol, poor donkey!!

    Reply this comment
  14. Ted Steele, CEO
    Ted Steele, CEO 23 July, 2014, 20:57

    LOL!!!

    Reply this comment
  15. Ted Steele, CEO
    Ted Steele, CEO 23 July, 2014, 20:58

    OH!

    301.7 BILLION today!

    Reply this comment
  16. Ulysses Uhaul
    Ulysses Uhaul 23 July, 2014, 22:37

    Yep. Poor Donkey living in a Progressive City.

    denial and frustration assured…..

    So understandable now-

    Therapy?

    No hope!

    Reply this comment
  17. Ted Steele, CEO
    Ted Steele, CEO 25 July, 2014, 06:32

    OH– and Calpers today?

    301.9 BILLION BAY!

    Reply this comment

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