Private workers have gotten screwed. More and more the pension deals from counties and state governments are ridiculous compared to what’s offered in the private sector.
Here is a comparison:
Computer Engineer. 4-7 Years of College at a cost of 200,000+
Pension: 10% of salary for 2 years after 20 years of work based on 3% 401k contribution
Difficulty of Job: Insanely Difficult. Genius IQ required
Typical Salary after 10 years: 100k
Water Worker: 0 Years of College at a cost of 0
Pension: 100% of salary forever
Difficulty of Job: Pick Nose, Turn Wheels
Typical Salary after 10 years: 200k
DETROIT (WXYZ) – Matt Schenk isn’t your average retiree. He’s 41, works full-time and collects $194,000 a year at the Detroit Water and Sewerage Department.
But as soon as next month, he’ll start collecting an estimated $96,000 annual pension, courtesy of an early retirement incentive offered to Wayne County appointees. It had no age restriction.
Before moving to the water department, Schenk was Robert Ficano’s former chief of staff. He admits he doesn’t need the cash, and said he wanted to wait another five years before drawing his lucrative pension.
But last month, he says, the retirement board notified him that he needed to enroll now or lose out on the benefit.
“I was surprised,” he said.
Schenk is one of the youngest appointees to take advantage of the early retirement incentive, which county officials say has helped to trim employee ranks and cut costs, but has nonetheless outraged many as the county faces growing deficits.
Last year, an actuarial firm said the county’s pension plan was only 50% funded.