Re:Champions of the 401(k) Lament the Revolution They Started
by dragonwriter on Monday January 02, 2017 @09:57PM
(#13306330)
> California public safety employees (police, fire, etc) get all four prongs of that deal, I think.
There are very good reasons that public safety employees get much better pension deals than other public sector employees, and they certainly aren't typical of the field.
> Technically it's 90% of peak salary but "spiking" is culturally accepted, so in practice you can have more than 100% of your final year salary in pension benefits.
Spiking is just strategically maximizing your final year salary; it doesn't increase the ratio of pension to salary. And, spiking in the future has been cut back since for several years new hires in moosr CA public employers (including public safety ones like CHP officers) have average salary of the highest 36 months rather than the highest year as the pension base.
There are very good reasons that public safety employees get much better pension deals than other public sector employees, and they certainly aren't typical of the field.
> Technically it's 90% of peak salary but "spiking" is culturally accepted, so in practice you can have more than 100% of your final year salary in pension benefits.
Spiking is just strategically maximizing your final year salary; it doesn't increase the ratio of pension to salary. And, spiking in the future has been cut back since for several years new hires in moosr CA public employers (including public safety ones like CHP officers) have average salary of the highest 36 months rather than the highest year as the pension base.