NYC paying out obscene amounts in pensions to city employees

JackStraw77 · Aug 28, 2019

Not sports related but fascinating nevertheless.

The top 5 police pensions $474,511, $323,357, $302,281, 276,072, 233,204. That is every year for the rest of your life in retirement. The commissioner earns $226,366 a year. Pensions are calculated using your salary plus overtime over a 3 or 5 year period. The names and ranks aren't disclosed on those 5 pensions but they could easily be a detective or a police lieutenant. This goes on all the time in NYC where city employees get this ridiculous overtime so they can put together a 3 or 5 year period where their salaries are through the roof so they can get pensions of this magnitude. A Queens College history professor in 2018 was the all time king. He was taking down $561,286 a year. His final salary before he retired $116,364 a year. He did work for 50 years and part of the reason his pension rose was cost of living increases. These pensions aren't 401K's. It doesn't matter what the stock market is doing. These are guaranteed amounts of money. They can only go up while you are working because they take the highest 3 or 5 years of your earnings. Another Department of Education employee, Mary O'Brien was receiving $436,391 she has been retired since 2012. A department of sanitation employee who was the director of labor relations was receiving $285,047 a year but he did work for 60 years

bilbal · Aug 28, 2019

Many of these funds are Ponzi schemes that are being exposed in non "right to work" states. Just to north of NYC is Yonkers which has the same type of deals for their police, fire, sanitation. But, for example, their fire department needs to have 3x as many firefighters as they have on their payroll now just to cover the current retired firefighters' benefits (the ones who all moved to Florida the day after they retired). Those pension funds are all paying out way more than they take in and there is simply no way they can keep up without bailouts, which the cities try to provide by jacking up property taxes to ridiculous levels. My brother lives in NY and pays around 15k a year in taxes for a 2,200 sf home on quarter acre lot. This is one reason why so many people are leaving NY (including the union workers) which only compounds the problem of funding the pensions. They'll all collapse eventually.

Coldweather · Aug 28, 2019

Hope they get a COLA adjustment too caz that will help them live much more gooder too! cheersgif

metro · Aug 28, 2019

there is a loophoples that will basically guarentee you can take advantage of this, without meeting the
requirements. if you are willing to be shamed , most dont have the stomache for it ( the shame )..
others fall out of favor and are basically forced into this as they have worn out their welcome but the city does not
have legit grounds for dismissal that wont come back to haunt them in the form of treble damages ( nyc lawyers are the best
at this )..

I know a guy that is an advisor to people looking to take advantage of the loophole, he will walk you through it for free..

you will be expected to then invest in one of his interests once all the smoke clears and you are cashing fat checks for nothing ..

then it moves to stage 2 .. there are levels to this , a lot of tentacles.. can build a small empire off of this as long as you dont
allow your pride to get in the way.. it will sabotage your earning potential

TrackGabe · Aug 28, 2019

i dont understand how pensions can be passed down to family. A friend of mine father passed in 2015 and he gets his dads pension, $1100 a month and will for the rest of his life?

How is this even possible?

Doug · Aug 28, 2019

This is why if you ever hit the lottery big, you should take the lump sum cash option. The govt might not exist in 20-30 years to pay you .

This problem is not unique to NY, similar BS in CT, Ca, etc.

Doug · Aug 28, 2019

TrackGabe said:
i dont understand how pensions can be passed down to family. A friend of mine father passed in 2015 and he gets his dads pension, $1100 a month and will for the rest of his life?

How is this even possible?

I've heard of a widow's pension where a guy dies, takes less when he retires but his wife can receive benefits for life once he croaks.

I've never heard of passing on to your children.

sharky99 · Aug 28, 2019

TrackGabe said:
i dont understand how pensions can be passed down to family. A friend of mine father passed in 2015 and he gets his dads pension, $1100 a month and will for the rest of his life?

How is this even possible?

Could see the spouse but anyone else seems to make no sense

ERockMoney · Aug 28, 2019

sharky99 said:
Could see the spouse but anyone else seems to make no sense

They changed the regulations several years ago and you can leave your pension to a child. In some instances, there may be steps you and your spouse are required to take to do so, but it can be done.

Doug · Aug 28, 2019

That's pretty ridiculous, it's kind if meant to get you through your final years, perhaps your widow should you croaks first which most men do .

Passing it to your kid for perhaps 60 + years has to be some form of abuse to the system unless the payment amount is severely , like say from $1,000 to $100.

$100/ month in 60 years wouldn't likely pay for a decent sandwich at a good deli !

JackStraw77 · Aug 28, 2019

bilbal said:
Many of these funds are Ponzi schemes that are being exposed in non "right to work" states. Just to north of NYC is Yonkers which has the same type of deals for their police, fire, sanitation. But, for example, their fire department needs to have 3x as many firefighters as they have on their payroll now just to cover the current retired firefighters' benefits (the ones who all moved to Florida the day after they retired). Those pension funds are all paying out way more than they take in and there is simply no way they can keep up without bailouts, which the cities try to provide by jacking up property taxes to ridiculous levels. My brother lives in NY and pays around 15k a year in taxes for a 2,200 sf home on quarter acre lot. This is one reason why so many people are leaving NY (including the union workers) which only compounds the problem of funding the pensions. They'll all collapse eventually.

New York City is in dire straits. You might not know it, but the city is staring bankruptcy in the face. Stakeholders are scrambling for answers to this issue, but there’s been little talk about one of the main causes of the city’s growing debt: public employee pensions. As of today, nearly 75 percent of the city’s $197.8 billion deficit is due to pension and other retirement liabilities.

stretchrunner147 · Aug 28, 2019

While we're all busy working 6-7 days a week, politicians have been F$%^NG us over giving raises and increasing benefits . I bet most bills passed on late friday nights.......it's a shame these mass shooters didn't go after the hack politicians they'd be heroes in most cases

TrackGabe · Aug 28, 2019

Doug said:
I've heard of a widow's pension where a guy dies, takes less when he retires but his wife can receive benefits for life once he croaks.

I've never heard of passing on to your children.

It's weird. My friends dad who passed had no wife upon passing and named my friend the beneficiary.

My friend sits on his ass all day and collects $1100 a month. Lives in a room in a house and pays $600 a month all expenses paid and has $500 to dick around with. Also gets EBT for food.

TrackGabe · Aug 28, 2019

sharky99 said:
Could see the spouse but anyone else seems to make no sense

No spouse, is that why? His spouse died and his son (my friend) was his only child. Does that make sense now?

To me it seems unfair.

TrackGabe · Aug 28, 2019

Doug said:
That's pretty ridiculous, it's kind if meant to get you through your final years, perhaps your widow should you croaks first which most men do .

Passing it to your kid for perhaps 60 + years has to be some form of abuse to the system unless the payment amount is severely , like say from $1,000 to $100.

$100/ month in 60 years wouldn't likely pay for a decent sandwich at a good deli !

my friend is 38 just like me, we grew up together. Known him 25 years at least.
Friend could live another 50 years for all we know. Is he really getting the $1100 every month for 50 more years?

Sounds like abusing the system to me.

Doug · Aug 28, 2019

No worries, Trump will bail them out ...not !

I'm sure the infrastructure is neglected as well to divert some funds to the fat (__$__) retirees.

I can't blame these guys that played the system and won, no more than I can blame Jacoby Ellsbury for signing a contract for 20 million + a season to not play baseball.

They've got this obligation, have to honor it !

The blame has to go back 30-40 years ago to allow this to occur and not have the foresight to see this is going to bite us circa 2020.

Jobs with pensions are not the norm anymore.

Being a cop, etc. ,Is a pretty damn good job...as long as you live in some small Mayberry like town, like me. Nothing ever happens here, bank robberies, murders etc .

You can read the police blotter, sometimes not a single arrest for days, when there is one it's usually DWI, shoplifting, domestic disputes, petty shit like that.

You could be a cop here for 25 years and probably never have to fire your weapon in the line of duty, and pull super-easy extra duty paid for by utility companies, just sitting in your patrol car playing with your phone, pulling down $45 +/ hour or more.
A lot of Police work is a cakewalk, in a small White town, very easy job with great benefits and power, you've got a lot of discretion and freedom

It's completely opposite in a big city, it's a dangerous job then ! It's like the difference in being in the Army stateside or stationed in Iraq !

Knightrofins · Aug 28, 2019

TrackGabe said:
No spouse, is that why? His spouse died and his son (my friend) was his only child. Does that make sense now?

To me it seems unfair.

No spouse so the son is the beneficiary. Was this from his pension or IRA?

Did the dad die recently? Some plans have it where the kids receive the income for 5 years.

There are a bunch of variables in the mix

Knightrofins · Aug 28, 2019

Doug said:
No worries, Trump will bail them out ...not !

I'm sure the infrastructure is neglected as well to divert some funds to the fat (__$__) retirees.

I can't blame these guys that played the system and won, no more than I can blame Jacoby Ellsbury for signing a contract for 20 million + a season to not play baseball.

They've got this obligation, have to honor it !

The blame has to go back 30-40 years ago to allow this to occur and not have the foresight to see this is going to bite us circa 2020.

Jobs with pensions are not the norm anymore.

Being a cop, etc. ,Is a pretty damn good job...as long as you live in some small Mayberry like town, like me. Nothing ever happens here, bank robberies, murders etc .

You can read the police blotter, sometimes not a single arrest for days, when there is one it's usually DWI, shoplifting, domestic disputes, petty shit like that.

You could be a cop here for 25 years and probably never have to fire your weapon in the line of duty, and pull super-easy extra duty paid for by utility companies, just sitting in your patrol car playing with your phone, pulling down $45 +/ hour or more.
A lot of Police work is a cakewalk, in a small White town, very easy job with great benefits and power, you've got a lot of discretion and freedom

It's completely opposite in a big city, it's a dangerous job then ! It's like the difference in being in the Army stateside or stationed in Iraq !

Being a police officer/firefighter/teacher/etc...Its all about the DROP program based on the amount of income that you make your last 5 years. Those employees LOVE working overtime during those 5 years to fatten up those pensions!!

PhilShiffley · Aug 28, 2019

TrackGabe said:
No spouse, is that why? His spouse died and his son (my friend) was his only child. Does that make sense now?

To me it seems unfair.

Babe, are you gonna say you're sorry here too? Has anyone said you were handsome lately? Any new pics with celebrities to share?? Thanks pal!

TrackGabe · Aug 28, 2019

Knightrofins said:
No spouse so the son is the beneficiary. Was this from his pension or IRA?

Did the dad die recently? Some plans have it where the kids receive the income for 5 years.

There are a bunch of variables in the mix

Dad died in 2015, pension. He worked for the city. Engineer for the freeways.

NYC paying out obscene amounts in pensions to city employees

Member

Member

Member

Member

Experienced Gambler

Rx God

Rx God

Member

Member

Rx God

Member

Member

Experienced Gambler

Experienced Gambler

Experienced Gambler

Rx God

Member

Member

New member

Experienced Gambler

Forum statistics

Share this page