News for hackers. Stuff that matters.
Re:California’s public pensions are breaking the bank by martinald on Monday April 10, 2017 @07:39PM (#14083549)
Why do people even need these level of pensions? They're very substantial if you consider many of these people will have paid off their mortgage by this time, and housing is the only really exploding cost for people recently (apart from healthcare but that'll be covered under Medicare).
Re:California’s public pensions are breaking the bank by bazinga888 on Monday April 10, 2017 @07:51PM (#14083623)
The answer that covers many cases is: they otherwise have no retirement.

When I worked for a state university, in IT as a senior DBA, I earned half what private sector friends and professional acquaintances earned.

The story was something like "well, we can't afford to pay you enough to save for yourself, but we'll make sure there's a decent retirement to draw from for you."

The problem is, after the housing bubble, and with low-interest rates, the investment methods they had relied on haven't kept up.

Not saying this covers the more extravagant pay outs. But public workers on the whole have largely been shorted up front in exchange for a decent retirement.

Re:California’s public pensions are breaking the bank by paulddraper on Monday April 10, 2017 @07:53PM (#14083631)
Yeah, that's basically the deal: crap job/salary now, cushy retirement later.
Re:California’s public pensions are breaking the bank by paulddraper on Monday April 10, 2017 @07:47PM (#14083591)
How much is the average pension?

According to CalPERS https://www.calpers.ca.gov/docs/forms-publications/facts-at-... it's $32k/yr, which is hardly extravagant.

But that of course includes a lot of people who have spent little time accruing benefits.

Re:California’s public pensions are breaking the bank by malandrew on Monday April 10, 2017 @08:07PM (#14083693)
The median pension is probably a better measure of centrality here.
Re:California’s public pensions are breaking the bank by vkou on Monday April 10, 2017 @11:51PM (#14084711)
Not when it comes to measuring cost to the state.