One of problems with union and state pensions is that many are over-generous. After round and round of negotiations, where unions settled for less increased pay this time, but promised increases in pensions - including generous cost of living increases mandated - is that many retire on fat pensions - and there are ways to even ‘boost’ the pensions further.
It’s amazing that so many sanitation workers in NYC wind up with pensions greater than their last year’s ‘normal salary’. Seems they manage to work 100% overtime hours the last year - (having others log in with their number) - for some cash under the table. That gooses the pension based up the last year’s ‘compensation’. Lots of NYC sanitation workers got $100,000 a year pensions to start - inflation adjusted…after 20-30 years of service.
that and going out on disability within a year or two of retirement…or at age 55…
Oh, and many of those pensions allow you to retire at 55, have paid for health benefits till 65, or ones you can get for $100/mo…
Not your teachers but tons of ‘administrators’ and similar…‘manager types’…
a lot of state budgets will get busted with 7% inflation and mandated COLAs.
t.