Retired NYC sanitation worker makes $285K a year from pension - Page 1

Site Notices

[ARCHIVED THREAD] - Retired NYC sanitation worker makes $285K a year from pension (Page 1 of 2)

Posted: 2/21/2018 3:42:37 AM EDT

Good for him, after almost 60 years.

http://www.foxnews.com/us/2018/02/21/retired-nyc-sanitation-worker-makes-285k-year-from-pension.html

"A former Sanitation Department honcho is pulling in an astonishing $285,047-a-year pension — more than twice what he was making on the job, according to newly released data.

And that’s just one of dozens of huge pension payouts revealed in records published Tuesday by the Empire Center for Public Policy— data that lay bare the city’s insanely generous pension system, the government watchdog said.

“Pensions like these are unheard of in the private sector — and deserve the close scrutiny of taxpayers,” said Tim Hoefer, executive director of the Empire Center.

“The long list of six-figure pensioners in the New York City Employees’ Retirement System shows just how great a burden the city has placed on its finances,” Hoefer added."

Posted: 2/21/2018 3:44:10 AM EDT

[#1]

He chose wisely.

Posted: 2/21/2018 3:48:51 AM EDT

[#2]

Good for him

Posted: 2/21/2018 4:33:29 AM EDT

[#3]

He’s 86. How long will he collect? I hope for a very long time.
At least he held a paying job, no a sponge like 20% of nyc residents.

Posted: 2/21/2018 4:49:21 AM EDT

[#4]

Quote History

Quoted:
He’s 86. How long will he collect?

View Quote

No idea, but I'll guess his grandkids bury him in the back yard.

Posted: 2/21/2018 5:22:29 AM EDT

[#5]

Timing is everything.

Worked for 60 years? Jesus... I hope to retire no later than 60 years old, but preferably by 55... not work for that long.
At his age, I hope he's able to enjoy that fat check.

Posted: 2/21/2018 5:34:05 AM EDT

[#6]

I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

Posted: 2/21/2018 5:41:54 AM EDT

[#7]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

VRS is a joke. Especially that new hybrid system that started a few years ago.

When I retired out(I'm not 50), I rolled mine into an IRA and it's gone up immensely.

I also found my 401k in the private sector is worth almost 1/3 of my entire VRS after just the first year.

Posted: 2/21/2018 5:49:26 AM EDT

[#8]

The source said Egan kicked in his own contributions over the years to help fatten his final pension check.

View Quote

Without knowing any more, I have no problems with this. Good for him, he worked his whole life and probably only gets a few years to collect since he retired so late. Enjoy it.

Posted: 2/21/2018 5:55:45 AM EDT

[#9]

Inb4 Extorris.

Posted: 2/21/2018 5:56:48 AM EDT

[#10]

Quote History

Quoted:
He chose wisely.

View Quote

Yup - The ones complaining borrowed $500k from taxpayers to get a $10hr job.

That program needs more scrutiny, not the few folks who played the game and won.

Posted: 2/21/2018 6:35:27 AM EDT

[#11]

Quote History

Quoted:

Yup - The ones complaining borrowed $500k from taxpayers to get a $10hr job.

That program needs more scrutiny, not the few folks who played the game and won.

View Quote

NYC has a lot of people who "won" though.

Posted: 2/21/2018 6:39:08 AM EDT

[#12]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

Thank the $285K guys for that. Nowadays you're lucky to get the $1K.

Posted: 2/21/2018 6:41:14 AM EDT

[#13]

Posted: 2/21/2018 6:46:17 AM EDT

[#14]

Quote History

Quoted:
Timing is everything.

Worked for 60 years? Jesus... I hope to retire no later than 60 years old, but preferably by 55... not work for that long.
At his age, I hope he's able to enjoy that fat check.

View Quote

Good luck paying for healthcare for the next 20 to 30 years.

Posted: 2/21/2018 6:49:01 AM EDT

[#15]

Quote History

Quoted:

No idea, but I'll guess his grandkids bury him in the back yard.

View Quote

20 years after he actually goes...

They will know he is really gone when he stops voting Democratic...

Posted: 2/21/2018 6:51:27 AM EDT

[#16]

Quote History

Quoted:
NYC has a lot of people who "won" though.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:

Yup - The ones complaining borrowed $500k from taxpayers to get a $10hr job.

That program needs more scrutiny, not the few folks who played the game and won.

NYC has a lot of people who "won" though.

When looking at big picture of US economy and debt - pissing in the ocean has more impact.

The swamp burns through this guys pension every 12 seconds - not a damn thing to show for it either. Shitty roads, shitty excuses, shitty everything. Want to talk about exemptions from rule of law, pensions and bennies - lets discuss theirs instead. The janitor didn't get to vote for his own retirement package and change rules of game to meet his own needs whenever he wanted. He simply put his chips in the right square and won.

Posted: 2/21/2018 7:18:41 AM EDT

[#17]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

Did they keep it a secret or did you know going into it?

If you do something for 25 years knowing the outcome from day one, it is a choice.

Posted: 2/21/2018 7:21:00 AM EDT

[#18]

Nice!

I would have settled for half that and retired 30 years ago though.

Posted: 2/21/2018 7:21:32 AM EDT

[#19]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

FL is the same

Posted: 2/21/2018 7:24:33 AM EDT

[#20]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.
25 years of nights, weekends, and holidays.

View Quote

Can you lateral to another department out of state?

Posted: 2/21/2018 7:26:08 AM EDT

[#21]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

I worked a total of 42 years for Kodak. My pension is $132.53 and a lump sum of $54,000. Trust not anything the the company says. The only statements from senior management that anyone ever believed were the ones dealing with layoffs. Those always came true.

Posted: 2/21/2018 7:26:46 AM EDT

[#22]

Quote History

Quoted:

Did they keep it a secret or did you know going into it?

If you do something for 25 years knowing the outcome from day one, it is a choice.

View Quote

Kind of like all the teachers pissing and moaning about their shit pay. You knew the pay was shit but went into that field anyway, so obviously they can continue to pay shit wages and still find people.

Posted: 2/21/2018 7:28:12 AM EDT

[#23]

I'll jelly

Posted: 2/21/2018 7:39:38 AM EDT

[#24]

How many years will he collect before he croaks and the remaining pension funds are scarfed back up by the city?

Doesn't sound like he can lump sum out upon retirement like many of the remaining private sector plans allow [and hope you take] you to do.

What do 3 NYC PD pensions of 20 and out get you from back in the day? Or three 15 year 3 quarter disability pensions?

Posted: 2/21/2018 7:45:04 AM EDT

[#25]

Quote History

Quoted:
When looking at big picture of US economy and debt - pissing in the ocean has more impact.

The swamp burns through this guys pension every 12 seconds - not a damn thing to show for it either. Shitty roads, shitty excuses, shitty everything. Want to talk about exemptions from rule of law, pensions and bennies - lets discuss theirs instead. The janitor didn't get to vote for his own retirement package and change rules of game to meet his own needs whenever he wanted. He simply put his chips in the right square and won.

View Quote

No, but is a systemic reflection of a larger issue.

The public sector shouldn't run like a casino.

Posted: 2/21/2018 7:51:18 AM EDT

[#26]

Quote History

Quoted:

Did they keep it a secret or did you know going into it?

If you do something for 25 years knowing the outcome from day one, it is a choice.

View Quote

It didn't sound like he was complaining. Or asking for a handout.

Posted: 2/21/2018 7:55:02 AM EDT

[#27]

Quote History

Quoted:
How many years will he collect before he croaks and the remaining pension funds are scarfed back up by the city?

Doesn't sound like he can lump sum out upon retirement like many of the remaining private sector plans allow [and hope you take] you to do.

View Quote

I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

Posted: 2/21/2018 7:57:24 AM EDT

[#28]

Quote History

Quoted:

It didn't sound like he was complaining. Or asking for a handout.

View Quote

His comment was offered in comparison to demonstrate how Virginia retirees fare compared
to more favorable retirement systems. I did not interpret his post as a celebratory reference to the Virginia retirement system.

Posted: 2/21/2018 7:59:07 AM EDT

[#29]

Nice!

Posted: 2/21/2018 7:59:13 AM EDT

[#30]

Quote History

Quoted:
I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
How many years will he collect before he croaks and the remaining pension funds are scarfed back up by the city?

Doesn't sound like he can lump sum out upon retirement like many of the remaining private sector plans allow [and hope you take] you to do.

I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

Ours is the same way but the monthly pension payout is considerably lower, I think somewhere around 40% lower per month. It makes a considerable difference, I know guys that never put their spouse on their pension, then croaked a couple years after they retired and the $$$ dried up.

Posted: 2/21/2018 8:00:21 AM EDT

[#31]

Good for him, sounds like their pension is setup like the police.. average of best three years or some shit.. if ours was setup like that, it would be unstatainable.. we can receive a max 1.25 pension credits in a year. Most guys get around 5k/month, with a nice annuity on top.

Posted: 2/21/2018 8:03:00 AM EDT

[#32]

Quote History

Quoted:
Ours is the same way but the monthly pension payout is considerably lower, I think somewhere around 40% lower per month. It makes a considerable difference, I know guys that never put their spouse on their pension, then croaked a couple years after they retired and the $$$ dried up.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
How many years will he collect before he croaks and the remaining pension funds are scarfed back up by the city?
Doesn't sound like he can lump sum out upon retirement like many of the remaining private sector plans allow [and hope you take] you to do.

I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

Ours is the same way but the monthly pension payout is considerably lower, I think somewhere around 40% lower per month. It makes a considerable difference, I know guys that never put their spouse on their pension, then croaked a couple years after they retired and the $$$ dried up.

I don't know how much lower it makes our monthly total, I was single when I retired so I didn't look into it.

Posted: 2/21/2018 8:04:45 AM EDT

[#33]

Quote History

Quoted:
https://www.AR15.Com/media/mediaFiles/57330/Toast-132761.gif

View Quote

Posted: 2/21/2018 8:22:12 AM EDT

[#34]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

Why did you stay there?

At 44 I will retire at around 70% of my current salary of 94k along with health and dental.

Posted: 2/21/2018 8:26:33 AM EDT

[#35]

Quote History

Quoted:
No, but is a systemic reflection of a larger issue.

The public sector shouldn't run like a casino.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
When looking at big picture of US economy and debt - pissing in the ocean has more impact.

The swamp burns through this guys pension every 12 seconds - not a damn thing to show for it either. Shitty roads, shitty excuses, shitty everything. Want to talk about exemptions from rule of law, pensions and bennies - lets discuss theirs instead. The janitor didn't get to vote for his own retirement package and change rules of game to meet his own needs whenever he wanted. He simply put his chips in the right square and won.

No, but is a systemic reflection of a larger issue.

The public sector shouldn't run like a casino.

Actions have consequences works both ways. He chose wisely, worked his time and reaps reward.

What is the larger issue? Some people pull down a pension some people don't agree with? Not a huge issue if it means letting the swamp slide yet again.

If it means letting the treason of swamp slide - fuck work - gimmee, gimmee, gimmee.
If can't beat them, join them.

Posted: 2/21/2018 8:26:52 AM EDT

[#36]

Old Man Rockin to Music with "The Girls" in Las Vegas

https://www.youtube.com/watch?v=MT5Gb2xRNKk

Posted: 2/21/2018 8:29:00 AM EDT

[#37]

Looks like he made a good decision.

Posted: 2/21/2018 8:34:29 AM EDT

[#38]

Quote History

Quoted:
Looks like he made a good decision.

View Quote

Yeah I don't really see how anyone can be mad at the guy. He lived up to his part and is now getting his earned benefit.

Posted: 2/21/2018 8:38:00 AM EDT

[#39]

Quote History

Quoted:
I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
How many years will he collect before he croaks and the remaining pension funds are scarfed back up by the city?

Doesn't sound like he can lump sum out upon retirement like many of the remaining private sector plans allow [and hope you take] you to do.

I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

Many pension plans offer a survivor benefit option. As above; the up-front payments are reduced, in my case several hundred $$/month, and the survivor will continue to get the same pension payment for life. I sleep with one eye open because the ol' lady could get by just fine without me here.

Posted: 2/21/2018 8:43:26 AM EDT

[#40]

Quote History

Quoted:
I sleep with one eye open because the ol' lady could get by just fine without me here.

View Quote

Posted: 2/21/2018 8:51:55 AM EDT

[#41]

Meh....Half that money is going be taxed back to the feds and state anyway

Plus how much longer will he live anyway

Posted: 2/21/2018 8:56:03 AM EDT

[#42]

Quote History

Quoted:
He chose wisely.

View Quote

Posted: 2/21/2018 9:51:40 AM EDT

[#43]

Quote History

Quoted:

Why did you stay there?

At 44 I will retire at around 70% of my current salary of 94k along with health and dental.

View Quote

Who do you work for in AZ?

Posted: 2/21/2018 12:05:01 PM EDT

[#44]

Quote History

Quoted:
I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
How many years will he collect before he croaks and the remaining pension funds are scarfed back up by the city?

Doesn't sound like he can lump sum out upon retirement like many of the remaining private sector plans allow [and hope you take] you to do.

I don't know how sanitation pensions work but we had an option where we'd get less per month but our beneficiary would keep getting money after we died.

Ours is like that. There are three options, I think. One is something like 80/20. If you take 80%, your spouse keeps getting 20% after you die. There is a 50/50 option, I think.

Posted: 2/21/2018 12:10:47 PM EDT

[#45]

Quote History

Quoted:
No idea, but I'll guess his grandkids bury him in the back yard.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
He’s 86. How long will he collect?

No idea, but I'll guess his grandkids bury him in the back yard.

Shameless.

Posted: 2/21/2018 12:26:34 PM EDT

[#46]

Quote History

Quoted:
I'll bring home less than $1,000 per month total after 25 years of service to Virginia.

25 years of nights, weekends, and holidays.

View Quote

That's not enough information on it's own. What did they pay you along the way?

There are lots of ways to skin the retirement cat. I have no pension BUT I make good money along the way and save it accordingly via IRAs, 401ks, and non-tax advantaged accounts so that I will have income in retirement just the same.

A pension is just a third party managed version of private savings and investments. The dude in this story worked for 60 years to achieve that $285k pension. He could have just as easily saved 5%-10% for 60 years and achieved a similar retirement income AND had multi-millions to pass on to his heirs. Both of my grandparents accumulated significant quantities of stocks and bonds throughout their working careers and had no pension. Both of them lived well in retirement and passed on a decent amount of money to my parents.

Posted: 2/21/2018 12:29:14 PM EDT

[#47]

I've seen on this forum people asking others why they remain in states with poor gun laws telling them to "move to a free state".

This is probably one of the reasons why...