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Retired Oregon public university worker to receive largest pension in state: $913,000 a YE
Posted on 4/15/18 at 9:31 pm
Posted on 4/15/18 at 9:31 pm
https://www.dailymail.co.uk/news/article-5617901/Oregon-public-university-president-receives-monthly-76-111-pension.html
Oregon public university president receives a $76,111 A MONTH taxpayer-funded pension
Dr Joe Robertson retired as president of the Oregon Health & Science University in October last year
The 66-year-old is receiving a monthly taxpayer-funded pension of $76,111
His pension is considerably higher than what the average family in Oregon earns a year with the median household income being $57,532 in 2016
His high pension is a result of the Oregon Public Employees Retirement System
Pensions paid out by PERS are reportedly consuming other essential spending
Oregon public university president receives a $76,111 A MONTH taxpayer-funded pension
Dr Joe Robertson retired as president of the Oregon Health & Science University in October last year
The 66-year-old is receiving a monthly taxpayer-funded pension of $76,111
His pension is considerably higher than what the average family in Oregon earns a year with the median household income being $57,532 in 2016
His high pension is a result of the Oregon Public Employees Retirement System
Pensions paid out by PERS are reportedly consuming other essential spending
17
Posted on 4/15/18 at 9:33 pm to lsuoilengr
those state/municipal retirements are such a ripoff at the high end
Posted on 4/15/18 at 9:33 pm to lsuoilengr
What's his TD handle?
Posted on 4/15/18 at 9:33 pm to lsuoilengr
It's cool
They are in Oregon, so he will only keep about $60K and share the rest of the wealth
They are in Oregon, so he will only keep about $60K and share the rest of the wealth
Posted on 4/15/18 at 9:39 pm to lsuoilengr
Baw
Posted on 4/15/18 at 9:40 pm to lsuoilengr
Truck nuts [installed] not installed
Posted on 4/15/18 at 10:13 pm to Tactical Insertion
I am not about to hate on this guy. He figured out how to work the Oregon school system and is getting seriously paid for it.
Good for him
Good for him
Posted on 4/15/18 at 10:15 pm to lsuoilengr
Good for him
Oregon votes blue and loves taxes. frick them.
Oregon votes blue and loves taxes. frick them.
Posted on 4/15/18 at 10:27 pm to lsuoilengr
His average salary the past 3 years was $1.7 mil. So $913k is not exactly out of line of roughly 50% of his last pay. With 33 years of service, most would argue that percentage is actually pretty low.
Posted on 4/15/18 at 10:36 pm to baldona
quote:
His average salary the past 3 years was $1.7 mil. So $913k is not exactly out of line of roughly 50% of his last pay. With 33 years of service, most would argue that percentage is actually pretty low.
Plus it isn't like Oregon is paying him this amount every month now, it comes out of the pension fund that Oregon would have been paying into for the last 33 years.
Though the pay is less military retirement was 75% of base pay for 30 or more years. It recently changed and is more complicated but I mention it only as a benchmark.
Posted on 4/15/18 at 10:39 pm to lsuoilengr
Sorry you can't negotiate your retirement, bruh.
Posted on 4/15/18 at 10:41 pm to Obtuse1
quote:
quote:
His average salary the past 3 years was $1.7 mil. So $913k is not exactly out of line of roughly 50% of his last pay. With 33 years of service, most would argue that percentage is actually pretty low.
Plus it isn't like Oregon is paying him this amount every month now, it comes out of the pension fund that Oregon would have been paying into for the last 33 years.
Though the pay is less military retirement was 75% of base pay for 30 or more years. It recently changed and is more complicated but I mention it only as a benchmark.
I actually don't begrudge this guy negotiating his pension like this, but he is an unusual beast.
Furthermore, you should look up military base pay scales compared to this. I live in Illinois, and shite like this is not a small part of why this state is going bankrupt.
A good bipartisan solution would be that no one could collect state pension until they were 65. The end.
Posted on 4/15/18 at 10:51 pm to AbuTheMonkey
Have they gotten rid of these pensions for future employees?
Posted on 4/15/18 at 10:55 pm to lsuoilengr
quote:
Retired Orgeron, public university worker to receive largest pension in state: $913,000 a YE
Fify in a couple years
Posted on 4/15/18 at 10:57 pm to Obtuse1
Oregon isn’t paying?
Oh really, who foots the bill for the majority of the contributions? Not him. He’s paid in 6% of his salary annually (from what I could find, could be wrong). That’s a hell of a return.
And who bridges the gap when the fund is underfunded? Tax increases and/or diversion of funds from things that benefit students.
These public defined benefit pensions are the next crisis in the making.
It’s part of the reason I left Illinois. The bills are starting to come due in some of these states and will require basically a record tax increase to meet the needs every year for the next who knows how long.
Maybe Oregon is in great shape, but I doubt it. I don’t begrudge him for taking the money but these schemes need a massive overhaul and quickly.
Oh really, who foots the bill for the majority of the contributions? Not him. He’s paid in 6% of his salary annually (from what I could find, could be wrong). That’s a hell of a return.
And who bridges the gap when the fund is underfunded? Tax increases and/or diversion of funds from things that benefit students.
These public defined benefit pensions are the next crisis in the making.
It’s part of the reason I left Illinois. The bills are starting to come due in some of these states and will require basically a record tax increase to meet the needs every year for the next who knows how long.
Maybe Oregon is in great shape, but I doubt it. I don’t begrudge him for taking the money but these schemes need a massive overhaul and quickly.
This post was edited on 4/15/18 at 10:58 pm
Posted on 4/15/18 at 10:58 pm to AbuTheMonkey
quote:
I actually don't begrudge this guy negotiating his pension like this, but he is an unusual beast. Furthermore, you should look up military base pay scales compared to this. I live in Illinois, and shite like this is not a small part of why this state is going bankrupt. A good bipartisan solution would be that no one could collect state pension until they were 65. The end.
I wouldn't say he is an unusual beast, I retired from my primary job at 45 and I damn sure didn't retire when I just projected being able to withdraw 50% of my last years pay!
I have a decent idea of the military pay scale, it was once near and dear to my wallet.
If states properly fund their pension accounts through the years and don't steal from it there is no problem covering pensions if they did their math right. It isn't like the Dow and other major investments have been in some sort of doldrums for the last 30 years.
This post was edited on 4/15/18 at 11:05 pm
Posted on 4/15/18 at 10:58 pm to LSUtoOmaha
This is why State workers should not be union.
the union greases the politicians, who vote in raises, and public, who is on the hook has no say.
See California,NY,Chicago, and a Liberal City near you, coming soon.
the union greases the politicians, who vote in raises, and public, who is on the hook has no say.
See California,NY,Chicago, and a Liberal City near you, coming soon.
Posted on 4/15/18 at 11:05 pm to LSUtoOmaha
quote:
Have they gotten rid of these pensions for future employees?
Maybe - you'll have contracts for guys like this who are the John Calipari or Mack Brown of their state, and the retirement package is negotiated into the contract. Again, you shouldn't begrudge them, because absolute top tier academia bring in tens or hundred of millions to the university. It's an economic incentive just like anything else.
That's what I was getting at with my comment above, though. Why should your regular teacher be able to retire at 50 with a 75% pension? It's ludicrously expensive in the long run and is why so many states are bankrupt. Professors mentioned in the article are negotiating on a very free market, so I don't begrudge them high salaries and generous retirement.
Posted on 4/15/18 at 11:12 pm to Obtuse1
quote:
I wouldn't say he is an unusual beast, I retired from my primary job at 45 and I damn sure didn't retire when I just projected being able to withdraw 50% of my last years pay!
I have a decent idea of the military pay scale, it was once near and dear to my wallet.
He's very much an unusual beast. There are very few public sector employees that will ever see that salary, whether they be in athletics, academia, healthcare, or whatever.
quote:
I have a decent idea of the military pay scale, it was once near and dear to my wallet.
Good for you. So do I.
quote:
If states properly fund their pension accounts through the years and don't steal from it there is no problem covering pensions if they did their math right. It isn't like the Dow and other major investments have been in some sort of doldrums for the last 30 years.
No, the real problem is that most state pension funds negotiate retirement too early, not that returns are too sturdy. They're working off 1960's actuarial models on the benefits side with 2010's investment models on the returns side.
Posted on 4/15/18 at 11:21 pm to Bruco
quote:
Oregon isn’t paying?
Oh really, who foots the bill for the majority of the contributions? Not him. He’s paid in 6% of his salary annually (from what I could find, could be wrong). That’s a hell of a return.
Did you read my post at all? Oregon is not paying NOW, they paid in over 33 years (or should have) and the money will come out of the fund, which if the actuaries did their job and the state didn't steal from it the money should be there. If there is a shortfall the state owes it just like any business.
I can't argue whether or not he was worth his salary but 50% of the final salary for retirement after 33 years isn't high by any stretch of the imagination, at least in the world I worked/work in.
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