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Originally Posted by GWN7
Funny when I look at my paycheque and see the deduction for pension I didn't realise that someone else payed that ammount for me. I thought it came off my cheque, that I earned. As to banking overtime to boost a pension, most pensions are based on a 5 year average so unless they worked overtime for 5 years and whole bunch of it too, it wouldn't increase their pensions very much. Most penisons actually exclude OT in their calculations. I'd rather have the time off. As to 80% going on disability, well that's just laughable, especially at age 50. Ask anyone who has had to go on disability how that system works. Yes a voluntary FD works, but you get what you pay for.
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No offense, but your experience in Canada has absolutely no relationship to how this is handled in California. It sounds to me like you guys may have a better system than we do.
In CA, they base the pension on the immediate last year's pay. There was a bill to base it on the last 3 years, but that just failed in Sacramento, where the government employees' unions control everything.