True North wrote:
Bill

- show quoted text -

"A bunch in California. Â*They get 3% per year of service of their last yearsÂ*
salary. Â*Unfortunately the public service people spike their last yearsÂ*
income. Â* Do not take vacation for 5 years, add that to the final yearsÂ*
income, add all the overtime possible, any unpaid sick leave. Â*Any privateÂ*
company defined pension plan goes either on an average of the last 5 years,Â*
or excludes unpaid vacation and overtime and sick leave."Â*


Say what?
We didn't get to add overtime, vacation pay or anything else to boost up
the average of the last 5 years salary when calculating our
pension...just 2 percent per year of Service of that last average five
years salary. That is...70 percent was the highest for 35 years or more of Service.



Say what? The that is what happens in his state. Cities have gone to
court to prevent the spiking. Lost the case. My buddy’s brother retired
as an Asst. chief from San Francisco Fire. 120% of a really nice salary.
With cost of living raises each year. Can not be reduced. State
constitution says government pensions are not reducible. So why cities
are declaring bankruptcy to void the excess unfunded pension liabilities.