Yes, most departments that I’m aware of use the highest/last calculation. That’s one of the things that will probably be changing in the next couple of years, IMHO.
What I was refuting was the common claim that overtime boosts pension payouts, which is NOT true for the vast majority of govt employees — none at all that I’m aware of (those that would have this provision would be in the small minority, if they exist at all these days).[/quote]
Funny, CalPers disagrees with you.
“The CalPERS-sponsored bill, SB 53, prevents pension boosting with vacation time, sick leave and other things. The measure was a response to audits that found widespread pension spiking. ”
As for Pete Wilson’s blunder, I fully agree with you. For the root drivers, do you think Pete was just looking to pass the dole or do you think it was pandering at the prompt of the big State Unions?
Finally, it’s CalPers managing the money, CalPers making the recommendation for the funding. That is govermental agency.
You’re blaming the finance sector. That’s the government. Government regulators of the finance sector would be the same kind of people running CalPers.
