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by WildUtah
4246 days ago
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Base salaries are often only $100k but then generous vacation compensation, incentives, 2x and 3x overtime, and such bring it close to $200k. Gold plated health and other benefits often bring current compensation for CA cops (CHP, BART, SF, &c) over $200k. Then generous pensions kick in. CA cops and firemen usually get full pensions after 20-25 years but the pension is paid not just on salary but a multiple of final year vacation and comp time. Pensions can be 2x-3.5x final 'base' salary and higher than any overtime adjusted salary. CalPERS is hoping for 5% above inflation returns but for a decade has made about 1%. At 1%, you essentially have to save or take on future liability for the whole pension during working life. No private employer provides these benefits after 20-25 years or on this basis at all because it would mean bankruptcy. Public finance allows it so the total compensation of a cop getting $200k in salary, adjustments, and benefits is often over $500k all in. Some of that will be the bankruptcy and bailout. Google "Vallejo firefighter bankruptcy" for details of CA's future public safety service. |
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