Hobo1
Well-Known Member
The CalPers program was modified in 1999 because their trust fund was overflowing with cash. I knew two people who worked in the investment department and they were smart and powerful. Then SB400 was passed which set up a formula how you get the pension. I had some time working for California, so I remember some of the details.
First they look at your highest salary over the last 3 years. I was lucky to be an engineer and my pay was about $70,000 if I recall - but I only had that job 3 years... I hated it.
Then they factor in how many years of service you had - I worked 3 years as a flunky engineer out of college, then 4 years as an city council member ($400 per month), and finally 3 years working as a high paid City engineer.
When I hit age 50, I called up CalPers and the lady said actuarially I would be crazy not to take my retirement immediately.
So age 50, mostly flunky pay the whole time, and 10 years in the program. I should be lucky to get $100 per month, particularly with almost 4 years of working one evening a week as a city council member.
Yet, I have been getting $8400 per year for the past 15 years - and it never runs out until I die! Ha, highway robbery. Oh, yea, most of my retirement money today comes from my 401k and Social Security, but none of those are as sweet a deal as with CalPers.
I was lucky, worked the system, and knew when to ask for advice. I walk home a winner because the politicians were to stupid to know they were giving away free money. I feel guilty - maybe I should give the money back? Homey don't think so!
First they look at your highest salary over the last 3 years. I was lucky to be an engineer and my pay was about $70,000 if I recall - but I only had that job 3 years... I hated it.
Then they factor in how many years of service you had - I worked 3 years as a flunky engineer out of college, then 4 years as an city council member ($400 per month), and finally 3 years working as a high paid City engineer.
When I hit age 50, I called up CalPers and the lady said actuarially I would be crazy not to take my retirement immediately.
So age 50, mostly flunky pay the whole time, and 10 years in the program. I should be lucky to get $100 per month, particularly with almost 4 years of working one evening a week as a city council member.
Yet, I have been getting $8400 per year for the past 15 years - and it never runs out until I die! Ha, highway robbery. Oh, yea, most of my retirement money today comes from my 401k and Social Security, but none of those are as sweet a deal as with CalPers.
I was lucky, worked the system, and knew when to ask for advice. I walk home a winner because the politicians were to stupid to know they were giving away free money. I feel guilty - maybe I should give the money back? Homey don't think so!
