wrote:
On Fri, 1 Sep 2017 15:21:23 -0000 (UTC), Bill
wrote:

California you get 3% per year of your last years income.

So if you retire in California after 33 years on the job you get 100%
of your pay, even if you do not play the overtime, sick leave and
vacation game.
No wonder you guys are broke.


30 years maximum. But some are double and Triple dipping. Used to be 2%
except for public safety. Then during the dot com boom, Calpers convinced
the state they could afford to,raise everyone to 3% with no additional cost
to the government. BUT! When the bust came, they still had to pay the 3%
as the state constitution says you can not reduce a pension payment. So
now the taxpayers have to,kick in a bunch of extra money yearly. And
callers did lower their projected rate of return from 8% or so to 7%
something. But they have not made their projected rate of return for at
least 20 years. Should be prosecuted for fraud.