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- 4,823
- Location
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In Lily's defense, I could be wrong, but I know I'm not.
"In California, individuals in public safety roles, like police officers and firefighters, who have worked a significant number of years, can potentially receive pensions exceeding $200,000 annually, particularly under formulas like the "3 at 50" plan.
Here's a more detailed explanation:
"In California, individuals in public safety roles, like police officers and firefighters, who have worked a significant number of years, can potentially receive pensions exceeding $200,000 annually, particularly under formulas like the "3 at 50" plan.
Here's a more detailed explanation:
- Public Safety Pensions:
Public safety unions have historically pushed for generous benefits, leading to pension plans that can provide substantial lifetime income.
- "3 at 50" Formula:
Some police and fire departments in California offer a "3 at 50" formula, where a pension is calculated as 3% of the employee's final salary for each year of service, allowing retirement at age 50.
- High-Paying Pensions:
With a long career and a high final salary, a pension under this formula could easily exceed $200,000 annually.
- CalPERS:
CalPERS, the California Public Employees' Retirement System, manages the largest public pension fund in the United States, and many of these public safety pensions are managed by CalPERS.
- CalPERS Benefits:
CalPERS retirees receive a pension for life and are also the health benefits officer for those eligible and selecting health benefits upon retirement."
