I appreciate your service BUT your story highlites a HUGE problem looming over every American city and most states. There is NO WAY that a city can finance this pension and benefit you have earned for the 30 or 40 years of life you probably have left. You were made a promise and it needs to be kept BUT these insane municipal promises made under pie-in-the-sky scenarios and absolutely un-sustainable and will eventually bankrupt hundreds of cites all over the nation. In the next decade we will face a crisis that will dwarf the " too big to fail" insanity of a few years ago. We will be looking at muni bailouts that will make TARP and the GM garbage look tame.
An 8k/month and benefits for a 46 year old package is NOT usutainable for ANY city on the planet.
You EARNEd this and you were made a promise and performed a service that few of us could handle. I don't have an answer BUT as a warning..be prepared for this promise to collapse in a few years...your town will face exactly what Detroit and other are facing. There just aren't enough taxpayers and enough tax money to pay for your package for the next 40 years. Look out for the haircut a coming...
I appreciate your service BUT your story highlites a HUGE problem looming over every American city and most states. There is NO WAY that a city can finance this pension and benefit you have earned for the 30 or 40 years of life you probably have left. You were made a promise and it needs to be kept BUT these insane municipal promises made under pie-in-the-sky scenarios and absolutely un-sustainable and will eventually bankrupt hundreds of cites all over the nation. In the next decade we will face a crisis that will dwarf the " too big to fail" insanity of a few years ago. We will be looking at muni bailouts that will make TARP and the GM garbage look tame.
An 8k/month and benefits for a 46 year old package is NOT usutainable for ANY city on the planet.
You EARNEd this and you were made a promise and performed a service that few of us could handle. I don't have an answer BUT as a warning..be prepared for this promise to collapse in a few years...your town will face exactly what Detroit and other are facing. There just aren't enough taxpayers and enough tax money to pay for your package for the next 40 years. Look out for the haircut a coming...
Agree 100%. Well funded or not, what a huge burden on the taxpayer to essentially pay double, once for the service of the public employee, then again along with ever increasing medical costs. Here in CA it's particularly egregious. A neighbor firefighter captain just retired with +90% of his six-figure pay, full medical, six figure payout for "unused" vaca and sick pay. Get this, he ran his business while on duty getting OT and when he retired he said no way would he stay in CA as the taxes on his pension were too high - moved to Texas.
I believe COPs have chosen a tougher career, more danger, more training, more dealing with the public. Firefighers, not even in the top ten for dangerous professions.
Don't tell anyone you are retired, tell them you're changing careers to become an investment manager for a private client - who insists on remaining anonymous...and you get to work from home!
Don't tell anyone you are retired, tell them you're changing careers to become an investment manager for a private client - who insists on remaining anonymous...and you get to work from home!