Public Emp. Pension Perception based on Police retire@50
- Public employee pay and benefits are under attack these days. From reading posted comments it is my impression that this is caused by the public’s impression that police/fire pensions are unreasonably generous with public funds, and these plans define government benefits. Indeed the irony is that the public – and the GOP – exclude police/fire from the government employee austerity measures, as they complain about a pension that only the police and fire folks get. Now police and fire are jobs that have a danger element that is higher than the average office worker’s level of danger, to say the least, and battle zone pay bonuses, as in Iraq, are warranted, but after a career in police and fire the health and longevity of the police and fire worker is actually better than the average of the retired population of the same age. There are many actuarial studies on this, but most are private. Below are comments and links to public information”
- “CalPERS of course has to figure out actuarially how long their employees are expected to live in order to calculate retirement formulas and how much and for how long they will have to pay to retirees. Their findings pretty much debunk this myth once and for all as they find absolutely no difference in the life expectancy of miscellaneous members versus public safety officials.”
- Perhaps the most important outcome of this initial study of longevity is that evidence suggests police are living longer not shorter than the population as a whole.
- Discusses the 2004 CALPERS study, “. . .according to the state of California pubic employees’ retirement system (CALPERS) actuary, police actually live longer than average these days, which isn’t surprising given that the earlier people retire and the wealthier they are, the longer they tend to live.”
Meanwhile Secret Service workers have the Tea Party idea attacking them –
a 5% pay cut via an increase in required employee pension contributions.