NYC paying out obscene amounts in pensions to city employees

[CoachCB]

This is a common theme in "blue" states. I'm a retired firefighter and my pension is modest, to say the least. If there's a DROP (deferred retirement option plan) it can help as an additional annuity. I retired as a lieutenant (ranks go firefighter, engineer, lieutenant, captain, district chief) with 20 years and make just over $50K/year from the pension.

The blue states are going to have problems in the future. There's no way it's sustainable.

My city did away with the police and fire pension a couple of years ago, so all new hires are on a 401K type system.

 

[FairWarning]

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 understand it passed on to the spouse, but not to children.

 

[halekulani]

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.

trying to live on 1100 a month with no job sounds fucking miserable to me

 

[CoachCB]

I understand it passed on to the spouse, but not to children.

It's called a "survivor's benefit plan". The member has to pay for it, and it's different with each pension. In the military, you pay 6% of your pension (i.e. if you make $2,000/month you have to pay $120, so you collect $1880/month). You stop paying at 70 years old - or - if your spouse dies before you turn 70 you can stop paying it. If you die before your spouse, she gets 55% of your pension. So it's not the full pension amount.

I chose SBP for both of my pensions (fire department & military). My wife is 10 years younger than me, so she could possibly live 15+ years after I retire and collect both pensions.

 

[PatsFan1283]

I could be wrong and we won't know for awhile but I think there is a good chance that survivor benefits will be the first entitlements to be cut/means tested if/when states have to implement austerity measures.

 

[HarryCaray]

trying to live on 1100 a month with no job sounds fucking miserable to me

No doubt

 

[CoachCB]

trying to live on 1100 a month with no job sounds fucking miserable to me

My wife has an uncle who is 65 years old. When he turned 62 he started collecting social security of around $1200/month and he also gets $600/month if food stamps. He lives in Florida in a newer mobile home that he bought for $8k and lives in a 55+ community. He sits at home on the internet all day and watches tv and lives happy and comfortable.

Yes, $1100 is next to nothing nowadays but that person could/would probably qualify for for government assistance.

 

[TrackGabe]

trying to live on 1100 a month with no job sounds fucking miserable to me

Agree but he'd rather be lazy and just chill all day doing nothing but smoke weed and play video games. He's being paid for a live of leisure.

 

[TrackGabe]

My wife has an uncle who is 65 years old. When he turned 62 he started collecting social security of around $1200/month and he also gets $600/month if food stamps. He lives in Florida in a newer mobile home that he bought for $8k and lives in a 55+ community. He sits at home on the internet all day and watches tv and lives happy and comfortable.

Yes, $1100 is next to nothing nowadays but that person could/would probably qualify for for government assistance.

he gets food stamps and free medical. Doesn't own a car, has no kids. He seems to do just fine, rent is $600 a month.

If he works he loses free medical and would have to pay for insurance.

 

[texansfan]

It depends on the city you work for. In 2004, we stopped being able to use any overtime when calculating your pension. The guys hired on after 2004 have a different pension than I do. My pension amount was calculated using the last three years of earnings before I hit my 20. Again, no overtime. It's just base pay, education pay and one more thing I can't recall at the moment.

I do have DROP, which is something those hired on after 2004 don't have. It's pretty damn good as another form of retirement money to draw from. As far as my pension, my wife would continue to get 100% of it if I go first. There's no passing it on to anyone else though.

 

[halekulani]

Agree but he'd rather be lazy and just chill all day doing nothing but smoke weed and play video games. He's being paid for a live of leisure.

sure
but like
back to your main point
someone who is "abusing the system" but then you tell me is living off of $600 in food stamps and 1100 for basic needs isn't much at all and we know how shitty that life is. just not sure why complain about something so meager when there are a lot of much wealthier people and businesses doing much worse things and using up lots more money.

 

[valium]

Let me tell you something. A single guy with no children under 18 is not collecting any where near 600 a month in food stamps. stop posting bull**it.

 

[TrackGabe]

the max is $192 here in CA. So you're right. 100%

 

[TrackGabe]

sure
but like
back to your main point
someone who is "abusing the system" but then you tell me is living off of $600 in food stamps and 1100 for basic needs isn't much at all and we know how shitty that life is. just not sure why complain about something so meager when there are a lot of much wealthier people and businesses doing much worse things and using up lots more money.

you make a good point. my friend gets $192 in food stamps, wasn't me who said $600. I guess you're right though, the fat cats in washington and the banks screw us over everyday.

 

[PhilShiffley]

Agree but he'd rather be lazy and just chill all day doing nothing but smoke weed and play video games. He's being paid for a live of leisure.

Apple, I'm sorry....

 

[PhilShiffley]

Let me tell you something. A single guy with no children under 18 is not collecting any where near 600 a month in food stamps. stop posting bull**it.

Whoops, he's sorry though.

 

[~Falco~]

Moral of story: Become a city employee... Duh and quit bitching. Whats your next post? Pro athletes make too much money! Whiner

 

[TrackGabe]

Phil

giants +7 week 1 my man .

Gl this season .

 

[texansfan]

Moral of story: Become a city employee... Duh and quit bitching. Whats your next post? Pro athletes make too much money! Whiner

Depends on the city.

 

[Doug]

Let me tell you something. A single guy with no children under 18 is not collecting any where near 600 a month in food stamps. stop posting bull**it.

Not entirely true, there are two portions invilved in this program.

There is the direct food stamp part known as EBT, and a possible cash benefit that might come close to that $600 figure , then your Obamaphone, food banks, Medicaid,energy assistance, maybe some under the table side work, drug dealing, WIC,housing assistance,shoplifting, etc.

Combine all that and it's about like having a real $20/hour job, without the work !

This is what is killing America, too much entitlement.

A single woman can totally game the system by popping out multiple children with unknown father's.

Working an honest lower level job is often inferior to being on welfare

Even at $192/ month, that's plenty for 1 person for food. I could survive on $6 a day credit at the supermarket, not thrive but survive