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Old 05-31-2015, 04:04 PM   #41
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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!
Thats awesome. And with that pension check you will help fuel the economy.
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Old 05-31-2015, 04:11 PM   #42
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Thats awesome. And with that pension check you will help fuel the economy.

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."


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Old 05-31-2015, 04:21 PM   #43
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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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Old 05-31-2015, 04:43 PM   #44
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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."


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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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Old 05-31-2015, 04:54 PM   #45
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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.

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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Old 06-01-2015, 01:38 PM   #46
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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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Old 06-01-2015, 06:24 PM   #47
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[...] 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. [...]
Per CalPERS, here are the numbers (http://www.calpers.ca.gov/eip-docs/a...t-a-glance.pdf) for FY 2013-2014 retirees:
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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
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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Old 06-01-2015, 09:13 PM   #48
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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.
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Old 06-02-2015, 04:33 PM   #49
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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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Old 06-02-2015, 09:16 PM   #50
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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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Old 06-02-2015, 09:27 PM   #51
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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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Old 06-02-2015, 09:28 PM   #52
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LOL! Calico! I felt the same!
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Old 06-02-2015, 09:33 PM   #53
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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.
But what does it say about "accidental death"?
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Old 06-02-2015, 09:43 PM   #54
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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.
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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Old 06-02-2015, 09:48 PM   #55
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But what does it say about "accidental death"?
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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Old 06-03-2015, 10:12 AM   #56
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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.


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Old 06-03-2015, 11:16 AM   #57
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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.
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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Old 06-03-2015, 04:49 PM   #58
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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.
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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Old 06-03-2015, 10:51 PM   #59
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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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Old 06-04-2015, 12:55 AM   #60
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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
I'll work on my creative touch.
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