SK, nobody should be forced to work to any age, if they have saved and planned for their retirement. He hit the sweet spot. A sweet spot that means in reality we will have paid him more than 2X his income for his years worked.
The issue is the lucrative nature of even the “modest” retirement plans of the rank and file State workers. Even the 2.5% plan, allowing people to retire after 30 years with a 75% of their average 3 years highest incomes will take a 25% annual contribution to provide and that’s not assuming COLA increases or health benefits or position promotions, which pushes it closer to 30%.
I’m perfectly fine with that plan as long as the employees are contributing say 20% a year and the state is contibuting 10% a year. At 10% a year, it would leave virtually every private company match plan in the dust.
For the cops and fire fighters that got the temporary 3%/50 deal, it’s just ludicrous and morally indefensible (even if legal.
Prison guards are a good example. They will tell you they need to contribute 8%. Then in different part of the contract, the State commits to make that contribution for them. The net result, CalPers reports that as an employee contribution, when in reality the guards aren’t contributing anything.
