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Message
re: Pay Cut v. Government Pension
Posted on 5/29/15 at 1:04 pm to Willie Stroker
Posted on 5/29/15 at 1:04 pm to Willie Stroker
You make twice as much as the governor? Please let me know if your agency is accepting applications, yours truly, Cold Cous Cous.
1
Posted on 5/29/15 at 1:28 pm to Cold Cous Cous
Yes, we are hiring but you cannot have my job.
You may also want to not just look at the governor's income but his total compensation. For example, my employer paid benefits include government contributions to my health plan, my government pension, and a defined contribution plan that operates like a 401k.
You may also want to not just look at the governor's income but his total compensation. For example, my employer paid benefits include government contributions to my health plan, my government pension, and a defined contribution plan that operates like a 401k.
Posted on 6/1/15 at 10:06 am to Willie Stroker
quote:
Willie Stroker
What line of work are you in? I have a government job (engineering) and could draw maybe 15% in the private sector. That being said, our agency head (large state agency) makes $150k....are you Governor's Chief of Staff, or the Secretary of Transportation?
Posted on 6/1/15 at 10:22 am to Shepherd88
quote:
But wait isn't the whole premise of this board that index funds beat even the best money managers out there??
An index fund should beat a pension fund in returns since a properly managed fund has restrictions + money managers on average don't beat index funds.
Pension funds however diversify mortality risk away, don't have the costs that managing your own fund has, shelters tax effectively and isn't subject to HCE restrictions.
Posted on 6/1/15 at 6:43 pm to Willie Stroker
quote:
I got into government work about 17 years ago making $32k per year. Simply by showing up to work on time, doing what I was asked while disagreeing politely when asked to do something unwise was enough to get me where I am today - pulling in a quarter mil per year in total compensation. For the record, I'm no Rhodes Scholar, but neither are my coworkers. By comparison, I am a genius. Some have actually used that phrase to describe me. I can't imagine an alternative career path that would have provided someone like me a more successful (and lucrative) career.
Take the government job
I'm sure this is made up, but it's just another reason for reforming govt retirement options.
Posted on 6/1/15 at 11:15 pm to Willie Stroker
If you can get into any situation where you have a real pension in place.....and confident that it will be there at your retirement, go for the pension every time.
That said, we are getting closer to the point where civil servants and public workers will be forced to 1) pay much more into the fund 2) significantly reduce pension befits 3) eliminate pension programs.
You are already seeing a mass exodus from pension plans at the GSE level. It is now a matter of time before that practice makes its way to government jobs.
Good luck with the decision.
That said, we are getting closer to the point where civil servants and public workers will be forced to 1) pay much more into the fund 2) significantly reduce pension befits 3) eliminate pension programs.
You are already seeing a mass exodus from pension plans at the GSE level. It is now a matter of time before that practice makes its way to government jobs.
Good luck with the decision.
Posted on 6/2/15 at 7:43 am to DayBowBow
Louisiana government?
You can easily make up that 10%, probably more like 20-25%, in good ol boy deals you can make. If you get caught, just run for office after they terminate/indict you. easy peasy
You can easily make up that 10%, probably more like 20-25%, in good ol boy deals you can make. If you get caught, just run for office after they terminate/indict you. easy peasy
Posted on 6/2/15 at 8:45 am to DayBowBow
quote:
Just keep in mind working for the gov steals your soul.
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