Originally Posted by Rohirrim
That just cracks me up. Yeah, wages and pensions are the problem, not the ****ing piratocracy running both Washington and Wall Street. Just remember, when a Republican says "privatize" what he means is "Take more money from the suckers and pour it into the bank accounts of my pals." Man! There's a sucker born every minute.
Here are two California examples. Yeah it is only the CEO's and Wall Street ripping off the tax payer. What a crock.
Top UC executives demand pension boost
Five UC San Diego academic leaders are among three dozen of the University of California’s highest-paid executives to threaten a lawsuit unless they receive a boost in pension benefits they say was promised to them.
Their demand is outlined in a Dec. 9 letter to the UC Board of Regents obtained by the San Francisco Chronicle.
“We believe it is the university’s legal, moral and ethical obligation,” to increase the benefits for employees earning more than $245,000, the executives wrote. “Failure to do so will likely result in a costly and unsuccessful legal confrontation.”
The university system estimates that the pension hike would add $5.5 million yearly to its $21.6 billion unfunded pension liability. In addition to that, UC would be on the hook for a one-time $51 million cost to make the increases retroactive to 2007.
To date, pensions are calculated as a percentage of the average of the last three years of pay, capped at $245,000. For a 30-year employee, the maximum pension is therefore $183,750 — whether their final salary is $245,000 or much more.
If the cap is lifted, someone making $700,000 could make a pension of $525,000.
The executives who signed the letter say the regents agreed in 1999 to bump pensions once the Internal Revenue Service allowed them to lift the $245,000 cap. The IRS did just that in 2007 over the objections of some taxpayer groups.
UC San Diego academics who signed the letter, with their 2009 salary shown to illustrate the effect of the $245,000 cap on income that counts toward pensions:
• David Brenner, dean of the School of Medicine and vice chancellor for health science, $755,897.
• Tom Jackiewicz, CEO and associate vice chancellor of the health system, $600,000.
• Gary Matthews, vice chancellor, resource management and planning, $226,611.
• Thomas McAfee, dean for clinical affairs, $433,059.
• Robert Sullivan, dean of the Rady School of Management, $331,373.
Source: Sacramento Bee, San Diego Union-Tribune, San Francisco Chronicle
6 retired educators in county are paid more than U.S. education secretary
With no clear way to fund retirement benefits, state system faces huge shortfall
San Diego’s pension problems have given the city a bad name nationally, but it’s becoming more apparent every week that similar benefit levels and funding shortfalls are plaguing governments small and large across the nation.
As part of an ongoing examination of these issues, The Watchdog has reviewed local educator pensions and found a familiar story — high benefits with no clear way to pay them.
The state teacher’s pension system faces a $40.5 billion shortfall over the next 34 years, in part because it owes payments for life to people such as Rudy Castruita, the retired superintendent of the San Diego County Office of Education.
Castruita receives the region’s top educator pension of $281,034 a year, or 107 percent of his final salary. That pay in retirement exceeds U.S. Education Secretary Arne Duncan’s 2009 base salary of $196,700. Castruita, a 1992 state superintendent of the year, did not return several calls.
Top educator pensions, San Diego County
1.Rudy Castruita, retired in 2006 as superintendent to the San Diego County Office of Education, receives $281,034 or 107 percent of his salary
2.Kenneth Noonan, retired in 2007 as superintendent of the Oceanside Unified School District, receives $249,011 or 92 percent of his salary.
3.Larry Maw, retired in 2005 as superintendent of the San Marcos Unified School District, receives $229,326 or 98 percent of his salary
4.Ralph Cowles, retired as superintendent of Vista Unified School District in 2006, receives $223,632 or 97 percent of his salary
5.Sherrill Amador, retired in 2004 as president of Palomar Community College, receives $218,511 or 113 percent of her salary
6.Warren Hogarth, retired in 2003 as superintendent of the La Mesa-Spring Valley School District, receives $216,348 or 105 percent of his salary.
7.Louis “Lean” King, retired in 2009 as superintendent of the Encinitas Union Elementary School District, receives $179,144 or 83 percent of his salary.
8.Thomas Anthony, retired in 2009 as superintendent of the Fallbrook Union High School District, receives $173,812 or 89 percent of his salary.