Jarasans Blog

NY needs over $3 billion a month to meet pension payments for state retirees.

in your example the employee chose to put his money in a retirement plan. the state added to that mostly to keep an employee.   I doubt that your figures are correct . to collect 2000000 he would have to live to be 88 and draw 40000 a year. for a 80K payin payout won't be this high.
for 20 years the state had the option to invest this money to help with the eventual payout. upon retirement he does not get the full amount he just get a monthly check for some part of the total.
I don't live in new york or know how their retirement plan is structured, but I have yet to see a plan as lucrative as you describe. unless you are a member of congress or president
p8

Thank You for your comment phil8! The example given is accurate, I parroted a talking head from this morning, an expert on this issue.

That is true what you say about federal legislators, of course they have voted themselves a platinum parachute.

Does anybody doubt the only reason they seek public office is for personal gain?

Did anyone think that TOTUS (Teleprompter of the United States) would have gotten $500,000 for a book that hasn't been written yet if he wasn't prez. elect? Or did he take it so he wouldn't be taxed on his own tax reform?

I think it's actually worse than your example. A common ploy among close-to-retiring government workers is to work tons of overtime in their last year or two, vastly increasing their yearly take-home pay. Their retirement is based upon their actual take-home pay, not their base salary. So we end up with toll collectors getting 6-figure annual retirement benefits. That's a fact, and it's been happening for years.

"TOTUS" :)

Agree with Time*treat, good one Jarasan!!!!