Originally Posted by
oldmako
One of my brothers just retired after 42 years of government service. During that time, 7 percent of his pay was withheld in order to pay him a pension upon his retirement. I suspect that amounted to a hell of a lot of money since he held a fairly high-level position. Even though he was a salaried employee, he frequently put in 70 and 80 hour weeks during periods of significance. At no time did he work partial weeks to compensate for working for free.
Now, he has a nice retirement. I figure that he earned every penny.
I think that *****ing about someone else's pension, without knowing how it was accrued is crass.
I was just regurgitating the article in the Oregon paper. They changed the law in 2003 apparently that disallowed the “goosing” of final years salaries for new employees but many boomers are grandfathered into old rules. There will be many following suit in the next decade and the paper is just warning the populace of the oncoming onslaught of very high state pensions.
I’m not really ##ing about their pensions, if the taxpayers of Oregon want to pay them $1million a year then go ahead. Interestingly I have family who teach in Oregon and somehow the teachers were never offered these pension benefits, only high level administrators and direct state employees.
I was really more or less commenting on how the paper said that the courts ruled the state could not change the rules for the boomers, only going forward from 2003 and how the corporations had no problem rewriting the rules for thousands of employees in the private sector with pensions.