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05-31-2015, 03:04 PM
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#41
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Full time employment: Posting here.
Join Date: Sep 2014
Posts: 600
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Quote:
Originally Posted by LinCella
I was always going to have a career as a librarian and I ended up with a public service job that I loved for 28 years. I was so green about my retirement that it wasn't until I was there 5 years that I found out that we had a pension and paid medical upon retirement. I could not believe they were going to pay me when I retired. The pension is still a benefit at the City I worked for but the retiree medical is pretty much gone. I was one of the last lucky few.
It's not a bad thing to stay at a job you love and retire from it. But, I admit, having a pension and medical certainly prevented me from going elsewhere. In my case it would have just been another City and I was comfortable at mine so I stayed. I had no ambitions other than to retire as a manager (higher salary and pension) which I did.
And I was freaking fantastic librarian!
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Thats awesome. And with that pension check you will help fuel the economy.
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05-31-2015, 03:11 PM
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#42
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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Quote:
Originally Posted by purplesky
Thats awesome. And with that pension check you will help fuel the economy.
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That is the first thing my pension fund writes about in the quarterly newsletter is how the many millions of dollars from the pension fund is spent in state helping fuel the local economy. I do my best to spend mine and help the economy....But if I was a taxpayer without a pension or had mine taken away I would be thinking... "There is an easier way to get the money spent out in the local economy. Let me keep it and spend it myself."
Sent from my iPad using Tapatalk
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05-31-2015, 03:21 PM
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#43
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Recycles dryer sheets
Join Date: Apr 2012
Posts: 216
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I spent 11 years in the private sector, and another 20 years in government so far. I'm hoping to retire in less than 5 years, and the government pension should cover 1/3 of my retirement expenses. The pension was a major reason I stayed in government this long.
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05-31-2015, 03:43 PM
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#44
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Full time employment: Posting here.
Join Date: Sep 2014
Posts: 600
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Quote:
Originally Posted by Mulligan
That is the first thing my pension fund writes about in the quarterly newsletter is how the many millions of dollars from the pension fund is spent in state helping fuel the local economy. I do my best to spend mine and help the economy....But if I was a taxpayer without a pension or had mine taken away I would be thinking... "There is an easier way to get the money spent out in the local economy. Let me keep it and spend it myself."
Sent from my iPad using Tapatalk
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As a taxpayer I have no problem supporting the cops,teachers,firefighters,librarians,etc, because they provide a needed service in my community and they are my hard working neighbors.
They help create jobs and sustain the economy with those pension checks.
Some people are just jealous of pensions for some reason. I am happy for those with a pension.
As I am typing this a firetruck with its sirens on just drove by my house.
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05-31-2015, 03:54 PM
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#45
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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Quote:
Originally Posted by purplesky
As a taxpayer I have no problem supporting the cops,teachers,firefighters,librarians,etc, because they provide a needed service in my community and they are my hard working neighbors.
They help create jobs and sustain the economy with those pension checks.
Some people are just jealous of pensions for some reason. I am happy for those with a pension.
As I am typing this a firetruck with its sirens on just drove by my house.
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I was just having a little fun poking at my pension funds newsletter. It only goes to the pensioners. It just amuses me on every front page issue they are "preaching to the converted" already.
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06-01-2015, 12:38 PM
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#46
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Confused about dryer sheets
Join Date: Jun 2015
Location: Boise
Posts: 4
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I ended up staying in a job for Pension purposes. PERSI is offered by my state, and it is pretty reliably solvent.
Had to last 5 years to get vested, which overall is 'meh' from an investment standpoint.
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06-01-2015, 05:24 PM
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#47
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 73
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Quote:
Originally Posted by LinCella
[...] But I agree - pensions are at risk in the future...Even while in my state, with CalPERS, the average pension is about $1250 a month. [...]
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Per CalPERS, here are the numbers ( http://www.calpers.ca.gov/eip-docs/a...t-a-glance.pdf) for FY 2013-2014 retirees:
Quote:
As of June 30, 2014:
Average monthly service retirement allowance, all service retirees $2,784
Average years of service, all service retirees 19.9
Average monthly service retirement allowance for state misc. members (tier 1) $2,737
Average years of service state misc.retiree 22.2
Average monthly service retirement allowance for school misc. members $1,615
Average years of service school misc.retirees 17.4
Average monthly service retirement allowance for public agency misc. members $3,006
Average years of service public agency misc. retirees 19.8
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I suspect that the school member number is skewed down both due to the lower years of service and the number of part-time pension-eligible workers (e.g., substitute teachers).
The fact that many public sector employees can (and do) retire early is at least partially indicative of the value of those plans.
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06-01-2015, 08:13 PM
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#48
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Recycles dryer sheets
Join Date: Aug 2014
Location: Western Canada
Posts: 393
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Surely you jest. My first j*b was all about did I like it? My second was "it pays so much, can I reject it?". Pension? You won't be there to collect.
__________________
I'm not crazy. Honest, the judge had me tested.
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06-02-2015, 03:33 PM
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#49
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Recycles dryer sheets
Join Date: Jul 2013
Posts: 123
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My last job had a pension and I stuck around for 5 years to get vested into $5k per year when I retire.
My current job also has a pension (a nicer one) and my plan right now is to stick with that place at least until I get vested, and possibly until ER.
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06-02-2015, 08:16 PM
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#50
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Recycles dryer sheets
Join Date: Feb 2013
Posts: 377
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I think the All-service average is skewed by the safety average. Still $2700 in California is not much after taxes.
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06-02-2015, 08:27 PM
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#51
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,911
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Some days, the pension I will receive in 5 years is the only reason my boss and a couple of co-workers are still alive. I checked the summary plan description, and there's a clause in there about my eligibility for the pension being dependent upon me NOT murdering my boss or co-workers for gross incompetence.
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06-02-2015, 08:28 PM
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#52
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Recycles dryer sheets
Join Date: Feb 2013
Posts: 377
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LOL! Calico! I felt the same!
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06-02-2015, 08:33 PM
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#53
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
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But what does it say about "accidental death"?
__________________
Dryer sheets Schmyer sheets
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06-02-2015, 08:43 PM
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#54
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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Quote:
Originally Posted by LinCella
I think the All-service average is skewed by the safety average. Still $2700 in California is not much after taxes.
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For low income, you actually get to keep most of it.
For single with standard deduction and no other income, federal income tax is just around ~$250/mo and CA state income tax is around ~$65/mo.
For married filing jointly with standard deduction and no other income, federal income tax is ~$140/mo and there's actually no CA state income tax.
It's interesting to see average service length is at ~20 years. I'm guessing it might be due to vesting of health care benefits.
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06-02-2015, 08:48 PM
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#55
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,911
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Hmmmm.....you've given me something to think about. I'll check the fine print tomorrow. (Note to self: pack magnifying glass for w#rk tomorrow).
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06-03-2015, 09:12 AM
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#56
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Dryer sheet wannabe
Join Date: Jul 2014
Location: Las Vegas
Posts: 12
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The danger with pensions is being married to a job you hate in order to have a secure retirement. DW has a job with a great pension but hates it her job. She is considering leaving it for a position that will challenge her. She has had this pension influence her decision to stay or go and the pension is winning. It affects her overall happiness and 30 years of misery isn't worth 60% of her salary.
Sent from my iPhone using Early Retirement Forum
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06-03-2015, 10:16 AM
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#57
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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Quote:
Originally Posted by hitnuggs
The danger with pensions is being married to a job you hate in order to have a secure retirement. DW has a job with a great pension but hates it her job. She is considering leaving it for a position that will challenge her. She has had this pension influence her decision to stay or go and the pension is winning. It affects her overall happiness and 30 years of misery isn't worth 60% of her salary.
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True, could be an issue with megacorp.
In fairness though, there's pretty decent upward mobility in civil service and plenty of government agencies offer reciprocity or service buyback. There are also interdepartmental lateral transfer opportunities. Of course, if you're already in upper management and close to retirement age+service, there's a tendency to just stick it out until you retire.
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06-03-2015, 03:49 PM
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#58
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Thinks s/he gets paid by the post
Join Date: May 2014
Location: Utrecht
Posts: 2,650
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When I read things like this I always wonder about the story how that clause ended up being created ..
The upside is in the wording though: does it say you can murder them for other reasons? Get creative
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06-03-2015, 09:51 PM
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#59
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Recycles dryer sheets
Join Date: Oct 2013
Posts: 265
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Well the interviews are done and now its time to wait.
I probably should have said that the job is with a privately held company that recently reaffirmed its commitment to their pension as a recruiting tool. Additionally the industry competitors almost all the same benefits and the industry is incredibly stable. If I wasn't so sure that they were going to keep the benefit around for years to come I wouldn't even give the pension a second thought. I know some people currently working there so I have an idea of the culture and team that I would be working with should I receive an offer. There are some other facts that have a draw to that company such as moving back near family (for better or for worse) and a much lower cost of living as well.
I've seen some good points regarding pensions mentioned in this thread, both in terms of how it'll factor for someone who plans on saving as much as possible in their retirement accounts either way and being trapped in the job once the payout starts to truly build which I would need to consider.
I'll be sure to post again once the offers (hopefully) role in and I have options to compare/make a decision!
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06-03-2015, 11:55 PM
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#60
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,911
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