Minyin Bison

[Zagtor]

Originally Posted by Hasbinbad [You must be logged in to view images. Log in or Register.]

Personally, I like roads being public. I like public school. I like not having to pay my firemen to protect my home. .

Hasbinbad
Join Date: Oct 2009
Location: Vallejo, CA

Fat pensions spell doom for many cities June 3, 2008

Originally Posted by Article

But the real nail in Vallejo's coffin was the city's labor costs. Under the current labor agreement, the average police officer walking the beat in Vallejo will be paid $122,000 this year before overtime, according to city documents. An average sergeant will make $151,000; a captain, $231,000. The average firefighter, meanwhile, will bring in $130,000 before overtime.

That's just the salaries, though. The final budget-crusher was the city's pension plan. Thanks to retroactive benefit enhancements approved by the city council in 2000, police officers and firefighters can now retire at age 50 and receive an annual pension equal to 90% of their final pay (assuming 30 years on the job), an amount that gets increased every year to help keep pace with inflation. The old plan had given the workers a pension equal to 60% of their final pay at age 50.

So a Vallejo police sergeant making $150,000 a year can now retire at age 50 and receive an annual pension of $135,000, increased each year for inflation. To put that amount in context, you would need to amass a retirement nest egg equal to about $3.5 million to produce a similar retirement income on your own.

I applaud your dedication to not paying your firemen to protect your home.