When Retirement Means More Work

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wyndellpin of GA 2:17PM November 29, 2009

We who chose to be hired in the private sector do so for many reasons, not the least being able to progress on our own merits, not by length of service or other criteria that has little to do with ability to do the job. Our complaint is with the corporations that did not keep up their end of the bargain, eliminating pensions after promising them to us when we were hired. We had no choice in that decision.
Most in the private sector do not begrudge that fact that a public sector employee enjoys more in retirement because the wages were lower, we can do the math. But, if you take into account the value of those benefits, and I argue the public sector employee is far bettor off than he or she realizes.
My dad, a retired fire fighter, receives a monthly pension check that is twice what his final paycheck was when he retired in 1983. Why, Minnesota has a law that states all PERA retirees share in annual pension fund gains, but not in the losses. When the gains were 10% - 12% per year, his pension check was up 10% - 12% annually. When the pension funds are down, he is still guaranteed a 3% increase. Guess who makes up the rest?
We also dislike the fact that government is unable to rid itself of non producing employees. You can blame it on inefficient management, but those managers are public sector too.
I agree, pension reform is needed, but reform does not mean we can all get the gold standard, 30 or more years of ever increasing payments, funded by our children and grandchildren.

Rick of MN 10:54AM May 09, 2009

Life is about making choices. For all of you people who are griping about teacher's pensions and civil servant's pensions, why didn't you become teachers or civil servants? No need to answer. I know why. You didn't want to start out at the ridiculous low pay and have to keep going to school and receive more training at your own expense.

Mike of OH 8:12PM May 08, 2009

I'm wondering where I should have spent my 32 years teaching instead of Maryland. My pension is 32% of the average of my 3 highest years' salaries. I need to work to supplement it so that I can afford life's basics.

Karen in GA of GA 12:55AM May 06, 2009

Wow, misinformation galore! A few good employees manage to retire from the government with 80% of their high-three. Most Government jobs are about 25% LOWER in salary than civilian comparable jobs. So that retirement is 75% of what it should be.
Myself, I worked 42 years for the Government and my retirement only amounted to 64% of my final salary. Because I spent twenty years putting my life on the line for you, I was promised full medical and dental benefits for myself and my family. I retired and guess what? Sorry but no dental and medical now costs for what they do cover. I paid but never received.
Now; the major problem is not you versus me. It is how to get everyone to take the reins to their horses and drive their carriage to retirement. Stop begging for someone to do it for you. I got what I got because I failed to do more to get more. You want a huge retirement? Save every penny you make! Work two, three, four jobs. Get as much education as you can. Use it! Never stop trying to move up. Don't get married or have children; they cost money. Maintain the minimum weight so you save on food. Don't buy a car, get your friends to drive you, or ride a bike. Share living quarters and bank the difference. Don't use a cell phone or any phone. Don't watch TV or go out to eat or party. Grow your own veggies. Go vegan.
But just stop complaining that the Government(me) must take care of you!

kegler299 of TN 7:21PM May 05, 2009

Private sector should not be pitted against the public sector in regards to employment. For most teachers, greed for money was not a major incentive for teaching. Most teachers, I blieve, came into the teaching profession because they felt they could be of service. Pay has never been high for most teachers. Most teachers have had many years of financial struggle. For most teachers accomplishing the American dream of home ownership, etc has been a difficult path with much penny pinching along the way. Not all teachers have taught long enough to have 80% of their pay. And those who have do not end with a very high salary in comparison to most workers.
Instead of begrudging teachers their retirement (whatever it might be), I believe time would be better spent in working toward a fair retirement for everyone.

Ann Crotts of OH 4:31PM May 05, 2009

Private sector workers need to wake up. We are being fleeced. Pay and benefits for civil servants need to be brought into reality. There are no shortages of people interested in becoming teachers, firemen etc. For every teaching slot in the district where I live, there are literally thousands of applications. Police and fire tests also draw thousands of applicants per opening. In the free market, a job with so many willing to fill it would not require an employer to offer much in the way of pay or benefits. How many of us will receive 80 percent of pay for life? Are able to retire at 50? Have medical care funded for us until 65? Check your estimated social security benefit, dare to open your 401k statement. That's right, your kid's 3rd grade teacher can retire in comfort. You can't.

Tom of IL 4:09PM May 02, 2009

Quoting ..."Less common is that my mother is fortunate enough to get a pension and retiree health insurance until Medicare kicks in when she’s 65. Workers without these two valuable benefits often need to work until they qualify for Social Security and Medicare"
Civil Servants (like you mother) are ... as one newsman put it ... the "HAVEs", while Private Sector workers are the "HAVE NOTs".
The combination of Civil Servants salaries now in excess of comparable Private Sector jobs and the EXTREMELY RICH pensions (which leverage off the now higher salaries) is completely unfundable and is beginning to backrupt local California governments (e.g., Vallejo). Exacerbated by the recent stock market decline, the State Plans are now severely underfunded. When THIS underfunding is added the the COMPLETELY UNFUNDED retiree health benefits, the probability of these underfunded/unfunded benefits being paid as promised is near zero. These are the thoughts/comments of a pension expert, not mine.
As a private sector worker who views the growing burden placed on us (via TAXES) to funds these overly rich benefits to this seemingly select/untouchable group (due to spineless politicians), I welcome the day when the these plan unravel. Few Civil Servants seem concerned that this will happen, but those with a talent for numbers (myself included) believe otherwise.
The United Auto workers thought it could never happen to them either .......... GREED has its price.

Bull of NY 12:19PM April 29, 2009