In California, public safety workers such as police, firefighters and CHP officers, can retire at age 50 – at 90% of their top salary. The pension formula is to take 3% of their top salary – then multiply it by the number of years they worked – so after 30 years on the job, their pension would be 90% of their highest salary.
Under former Governor Gray Davis, thousands of civil servants not in the line of fire were also given elevated benefits
Wednesday, May 5, 2010
California Pension Obligations
One of the big budget burdens for the California government are hefty pension obligations. Over 9,000 retirees draw pensions in excess of $100,000 per year according to figures gathered under the Freedom of Information Act from the California Public Employees Retirement System (CalPERS). How can someone end up with such a huge payment?