December 2nd, 2020
WLNS 6 | New Reports Reveals High Public Sector Pension Payouts
Findings from TUA’s pension project are featured in the following article by WLNS 6.
Most of us do our best to save for retirement, but a new report shows some in the public sector, state employees, state police officers and judges, have a golden payday when they reach their golden years.
New numbers made available through the Freedom of Information Act show retirement for public sector employees appears to be a very lucrative proposition.
Taxpayers United For America released the top pensions in the pubic sector in the area. One teacher who retired in 2008 will make about $6 million total, at $174,000 a year. One state police officer who retired in 2006 will earn about $3 million total at $88,000 a year, and one judge who retired this year will make about $3.5 million at an annual payout of $98,000.
The report assumes the individuals will retire at age 55 and collect money for 30 years.
“The real key is making sure all new government employees go into 401k. No more pension. 401k, [and] social security [is sufficient],” said Christina Tobin with Taxpayers United For America, “We’re also asking for them to put more into the system. 10% more if they don’t do anything. The government employees will get nothing, the system will collapse, we need pension reform in Michigan right away.”
To find out more click here.