Fuck the Mandarin class. But when an organization like Californians for Fiscal Responsibility, created by right-wing ideologues who seek to drastically reduce or eliminate public employee benefits, produces a “study”, you treat it as gospel. The COLA element of Public Sector pensions is 1/4 the total pension cost. Oh, I forgot. Either way, the politicians who agreed to these pension plans (for their own political gains) skate free. More and more corporate DB sponsors have chosen to wind down their DB plans, while many non-corporate plans are shoring up their models to better serve their participants over the long haul. Do the large corporations and very rich need to continue receiving taxpayer subsidies and paying taxes at the low rates they now enjoy? Full poll results and methodology can be found here, including poll toplines (pdf) and crosstabs (xls). Searching for a safe place for my family. In other words, private sector employees are responsible for their own retirement savings. The math is a bit complicated, but since some teacher have shorter careers and retire at different ages, in the aggregate the total contributed needs to be somewhat below the 39%. We would like to thank Yves Guégano, Gwennaël Solard and Magda Tomasini, together with the journal’s two anonymous reviewers for their comments and suggestions. I had a lot of options in life. This is apples-to-apples-comparable to the typical Private sector pension RARELY exceeding 1/3 of pay. ( Log Out /  Those who have been out on strike would also point out that the comparison is only part of the argument. The goal of the new study is to compare retirement benefits received by state, local and federal government workers with the employees of large California companies and two reforms proposed by the foundation. Get one while you still can. Or perhaps people like Tough Love want us to become Somalia, etc. 1 0 obj << /Creator (C:CWCOriginalsummer97article) /CreationDate (D:00000101000000Z) /Title (Public and Private Sector Defined Benefit Pensions: A Comparison) /Author (Ann Foster) /Producer (Acrobat PDFWriter 3.0 for Windows) /Keywords () /Subject () /ModDate (D:20030220145932-05'00') >> endobj 2 0 obj [ /PDF /Text ] endobj 3 0 obj << /Pages 36 0 R /Type /Catalog /DefaultGray 37 0 R /DefaultRGB 38 0 R /Metadata 39 0 R >> endobj 4 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 7 0 R /F2 11 0 R /F3 12 0 R /F4 14 0 R >> /ProcSet 2 0 R >> /Contents 9 0 R >> endobj 5 0 obj << /Kids [ 4 0 R 16 0 R 19 0 R 23 0 R 26 0 R 29 0 R ] /Count 6 /Type /Pages /Parent 36 0 R >> endobj 6 0 obj << /Type /Font /Subtype /TrueType /Name /F0 /BaseFont /TimesNewRoman /Encoding /WinAnsiEncoding >> endobj 7 0 obj << /Type /Font /Subtype /TrueType /Name /F1 /BaseFont /TimesNewRoman-Italic /FirstChar 31 /LastChar 255 /Widths [ 778 250 333 420 500 500 833 778 214 333 333 500 675 250 333 250 278 500 500 500 500 500 500 500 500 500 500 333 333 675 675 675 500 920 611 611 667 722 611 611 722 722 333 444 667 556 833 667 722 611 722 611 500 556 722 611 833 611 556 556 389 278 389 422 500 333 500 500 444 500 444 278 500 500 278 278 444 278 722 500 500 500 500 389 389 278 500 444 667 444 444 389 400 275 400 541 778 778 778 333 500 556 889 500 500 333 1000 500 333 944 778 778 778 778 333 333 556 556 350 500 889 333 980 389 333 667 778 778 556 250 389 500 500 500 500 275 500 333 760 276 500 675 333 760 500 400 549 300 300 333 576 523 250 333 300 310 500 750 750 750 500 611 611 611 611 611 611 889 667 611 611 611 611 333 333 333 333 722 667 722 722 722 722 722 675 722 722 722 722 722 556 611 500 500 500 500 500 500 500 667 444 444 444 444 444 278 278 278 278 500 500 500 500 500 500 500 549 500 500 500 500 500 444 500 444 ] /Encoding /WinAnsiEncoding /FontDescriptor 8 0 R >> endobj 8 0 obj << /Type /FontDescriptor /FontName /TimesNewRoman-Italic /Flags 98 /FontBBox [ -250 -243 1232 919 ] /MissingWidth 784 /StemV 73 /StemH 73 /ItalicAngle -11 /CapHeight 919 /XHeight 643 /Ascent 919 /Descent 243 /Leading 216 /MaxWidth 1027 /AvgWidth 405 >> endobj 9 0 obj << /Length 10 0 R /Filter /LZWDecode >> stream Thank FSM that I opted out of a state pension. In what kind of society do such innovative geniuses as Thomas Edison or Bill Gates flourish? The median state worker pension is about $26,000 per year – hardly excessive, and only about $5,500 of that comes from the taxpayer. Public retirement syst… When the trade-offs are presented this way, private and public workers reach consensus: Nearly three-fourths of government workers and more than 8 in 10 private sector workers would prefer to "renegotiate public employee contracts to reduce pension benefits and make current employees contribute more to their own pension" rather than raise "property, sales, and/or income taxes" or "reduce public services ranging from police and fire protection to recreation.". Retirement formulas have been changed.

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