Re:Hyperloop
by VladRussian2 on Tuesday August 13, 2013 @01:25AM
(#6204139)
if you look at the original link (http://www.mercurynews.com/salaries/pensions), you'll see these "3% @ 60 Formula for Local Miscellaneous Members", "2% @ 55 State and School Miscellaneous" and "3% @ 55 Formula for State Peace Officer/Firefighter or Local Safety Member" - these formulas are mainly from union contracts.
[ Parent
| on HN ]
Re:Hyperloop
by dragonwriter on Tuesday August 13, 2013 @10:40AM
(#6205988)
> these formulas are mainly from union contracts.
All defined benefit pensions -- whether set by union contract or not -- use these kind of formulas. But the high pensions are not the product of the formula alone -- even if you work long enough at one of the formulas to get near (or over) 100%, you still aren't going to get 200-300K per year pension unless you have a last/highest/(average of last three)/etc. years salary (which ever is the base for the particular formula you have) high enough to push the pension that high.
Surprisingly enough, almost no rank-and-file workers have that kind of salary. The people with 200K and higher pensions are mostly people that are retiring from executive positions.