TheAgitator.com
High-Hog San Diegan Livin’
Saturday, September 4th, 2004…if you’re a city employee, that is.
Brian Hipp points to this L.A. Times story telling of the all-too-typical way state and local governments handled the ’90’s boom — they jacked up spending to win favor with constituents, and paid little heed to the inevitable — that the economy would eventually slow down. And so would tax receipts. In this case, San Diego city council members deciced they’d reward city employees by doubling the size of their pensions. The average San Diegan city employee now gets a check for $306,000 when he retires, plus an additional $50,000 per year thereafter. The city now faces a $1.1 billion deficit, and a bond rating lower than that of Los Angeles.
My guess? San Diego will eventually petition the federal government for a bailout. Which means you and I may end up paying for that 1/3 of a million dollars check.
Test.
“The average San Diegan city employee now gets a check for $306,000 when he retires, plus an additional $50,000 per year thereafter”
I have worked for the city of Los Angeles, and now work the state of California. I can tell you my retirment will be nothing like this. I will get about 60% of my salary and no lump sum payment.
You can say the average government employee is lazy, rude and sometimes a borderline mental patient, but well paid?
Hopefully it’s a mistake. If not, I’m transfering to San Diego.
Based on how much it appears to cost to live in the San Diego area (and the Bay Area in SF, where I have headhunters trying to get me to move to from DE), I don’t think that check amounts to much.
And for the Los Angeles guy, my condolences. I hope you have other income for retirement (I’m not critizing, it just sounds like you are getting a bad deal for 20 yrs service).