September 10, 2013
MORE ON THOSE UNDERFUNDED / OVERGENEROUS PUBLIC PENSIONS. MOSTLY OVERGENEROUS, IT SEEMS. California public pension payouts doubled after bump in benefits.
The average retirement payout for new retirees in California’s biggest public pension system doubled between 1999 and 2012, according to CalPERS data, and initial monthly payments for one group nearly tripled in that period.
State and local cops and firefighters benefited the most.
In the 14 years covered by the data analyzed by The Sacramento Bee, average first-month pensions to state police and firefighters went from $1,770 to $4,978. California Highway Patrol officers’ first-month retirement payments doubled from $3,633 to $7,418, and local government safety employees’ pensions went from $3,296 to $6,867.
Something that can’t go on forever, won’t. Debts that can’t be repaid, won’t be. Promises that can’t be kept, won’t be.