kyounge1956
Thinks s/he gets paid by the post
- Joined
- Sep 11, 2008
- Messages
- 2,171
This is the last of the public pension polls (unless I think of another one ). A number of E-R threads have related anecdotes of sky-high public employee pensions, a result which seems in many cases to be produced by employees in those systems being able to include everything but the kitchen sink in the base salary from which their pension benefit is calculated.
The aim of this poll is to see what was counted toward a typical E-R public employee or retiree's base salary. Was it regular hours only? Overtime? Unused vacation time? Are "spiking" and similar abuses even possible under the rules that determined your benefit amount? Please vote according to what is allowed under the rules where you work or worked. I'm not asking if you personally "gamed the system", or if you know that other employees were doing so. A well-thought-out pension plan, IMO, eliminates abuses before they can occur, and I'd like to find out if the systems E-R members are in were well thought out or not.
I would say that the Seattle retirement system (with the exception of a flawed Floor COLA ordinance which I described in another of the poll threads) is well-thought-out. I don't think it would be possible to "spike" a pension under our rules. To quote from the Retirement Handbook, a Seattle retiree's pension benefit is based on the "highest 24 consecutive months‟ average rate of pay, regardless of when that rate was earned....Only 2088 hours of employment in any one year period will be counted for retirement service credit or used in calculating final average salary. Overtime, bonuses, or premium pay is not included in the Average Salary." Some "buybacks" are permitted, including time worked for the City as a temporary before being hired as a permanent employee, time worked in some other public pension systems, and up to five years of active service in the military prior to City employment. I voted "regular hours, plus some buybacks" even though I personally am not eligible for any of the latter.
The aim of this poll is to see what was counted toward a typical E-R public employee or retiree's base salary. Was it regular hours only? Overtime? Unused vacation time? Are "spiking" and similar abuses even possible under the rules that determined your benefit amount? Please vote according to what is allowed under the rules where you work or worked. I'm not asking if you personally "gamed the system", or if you know that other employees were doing so. A well-thought-out pension plan, IMO, eliminates abuses before they can occur, and I'd like to find out if the systems E-R members are in were well thought out or not.
I would say that the Seattle retirement system (with the exception of a flawed Floor COLA ordinance which I described in another of the poll threads) is well-thought-out. I don't think it would be possible to "spike" a pension under our rules. To quote from the Retirement Handbook, a Seattle retiree's pension benefit is based on the "highest 24 consecutive months‟ average rate of pay, regardless of when that rate was earned....Only 2088 hours of employment in any one year period will be counted for retirement service credit or used in calculating final average salary. Overtime, bonuses, or premium pay is not included in the Average Salary." Some "buybacks" are permitted, including time worked for the City as a temporary before being hired as a permanent employee, time worked in some other public pension systems, and up to five years of active service in the military prior to City employment. I voted "regular hours, plus some buybacks" even though I personally am not eligible for any of the latter.
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