re: Retired Oregon public university worker to receive largest pension in state: $913,000 a YE

LINK

Here is a little factoid I found out about the Louisiana School Retirees System that I found on link from the Louisiana Association of Public School Boards.

For nearly forty years the school and employee each pitched in an equal match of 6 to 7 percent of pay. But in the later years the school boards had to start pitching in more to the tune of nearly 30 percent of pay. This is crazy an unsustainable for the local systems.

Of course the real solution was to have the systems paying a higher amount to begin with that way they wouldn’t have gotten into trouble with those 30 percent rates.

And the other thing is a max payout, like social security where benefits max out at a certain amount, but they are also taxed at a max amount. That way we eliminate the people who game the system and take an administrative position for 3-5 years to get a boost in pay for retirement while the rest of the years were paid at lower rates.