(06-23-2017 04:21 PM)Doggone Wrote:  

(06-23-2017 03:55 PM)uiniu57 Wrote:  

(06-23-2017 01:42 PM)jjj Wrote:  What has hurt the system the most is where the employee somehow gets 5 years of salary jacked up...by either a new job /promotion at univ, or friend giving them a raise....if the above employee gets their last 5 years at 60-70k, then you have the case where they will run out of their money they put in much sooner since their annuity will be in the 50k range...and most years were spent only making 40k.........Payments are based on 5 highest years. No max amount of annuity for tier 1 and you have people making 200k in per year in annuities....

Tier 2 does close a lot these loopholes a lot, it is highest 8 years and max 113k pension, plus minimum age of like 65....thus, the liabilities will pension will diminish over time....as tier 1 passes......So dont focus on x billion is owed in pension, it is not owed tomorrow, it is owed over time and will go down over time.....but if the state keeps taking pension funding holidays, all bets are off....

jjj Read your response and the first thing that caught my eye: "What has hurt the system the most is where the employee somehow gets 5 years of salary jacked up...by either a new job /promotion at univ, or friend giving them a raise."
Definitely agree with your statement but believe it happens to those at the highest level. Don't believe the average state employee, teacher, etc., -- even if employed for 25, 30 or more years -- got that kind of farewell boost. Whereas the private sector is overloaded with buyouts, severance packages, and golden parachutes which eat up more of a corporation's profits than the rank and file.
My second thought was this person actually appears to understand all this crap......wonder if I could get him to invest what little free money I have?
My third thought was you'll never get elected because you're too honest.

Until a few years ago, teachers certainly did. They would get a 30% their final year to inflate their pensions. Our district had a rash of retirements to take advantage of the perk before it went away. I'm sure other state workers got the same perk.

Well, I'm certainly not getting that perk - and never will. Over the last four years, I got one 2% raise thanks to those buffoons in Springfield.