Cop pension is insane – page 4 – the hull truth – boating and fishing forum gas oil ratio for leaf blower

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Exactly ^^^^^ News Flash. Geico claims representatives with marked or unmarked company cars get to drive company cars, off company time, on company gas, in or out of state, for personal use. Their spouses are also permitted to drive said vehicles that are clearly marked GEICO. But wait, you will say that is a private company. But wait again, this is just one of the companies you complained about last month for raising your rates yet again, sticking it to the customer. Additional good news, every February their full time employees get profit sharing checks (aka bonus checks) paid by you. Which my buddy gets one equal to my income tax return. So he gets TWO checks. One from the IRS and one from GEICO.

CSX is another. If you work for them for 30 years, you retire with full benefeits AND your spouse will get a check equal to half of your retirement pay. You now get 150% retirement funded, by the customer. Wish I would have known that when I was 18. News you can use.

I mean you are the one who said it, Geico is a private company. If any customer was upset about any of that or by being fleeced in any other way by them……they can leave and go to a competitor. There is no option to just not pay my property taxes and have the state piss it away to whatever it wants. Also profit sharing isn’t just sharing money they take from customers and give to employees. CSX is a private corp as well, they could give you hookers and coke as a retirement benefit along with a pension and it would be their prerogative to do so. It is entirely different than a public/civil servant pension.

Now all of the FL cops who have chimed in here and have paid 10% to their pension for 30 years….well that’s a different story. Most people will max out at 10% contribution to a 401K, so they are essentially funding it themselves. That is not the case in many, many other places and it is probably a main reason that the FL plan is in such good shape. Other states could take a lesson from FL….on that issue at least.

Blame the elected officials that negotiate the contracts with the police and fire unions. If you do not like it, vote in people that will negotiate better agreements.We tried that in NJ. The unions ganged up on him and stopped all forward progress of negotiating better rates. Why does it matter? Because our property taxes are out of this world and rising.

It’s done, the only way it will stop is when the state fails completely. The other down side is that ticket revenue is used as revenue generation to pay for everything. Then everyone wonders why the public respect for police officers is declining. Then police say "do my job, and you’ll know why I make that money". What percentage of the stress of being a police officer is a direct result of the public tired of getting milked for money?

I am still someone that respects police officers and I don’t blame them one bit. That doesn’t change the reality of it all though. How do I know officers in NJ are overpaid? I would absolutely have chosen that career path if I have known the salaries + overtime + pension would rise to where they are. The other way I know is that the requirements to become an officer in NJ are ever increasing, there is certainly a huge supply of people that want that job.

I make as much money in half the time than I did when I worked for the state. Every single comparison study ever done while I worked there showed huge disparities between state and private sector. So much so that most of those studies were buried and hidden. In fact once they were considering privatizing my job. The company that they asked to give them a quote offered me a huge raise to just leave and work for them doing the same thing with several more employees. That one got buried and forgotten and never mentioned privatizing again. Too good of deal they had it turned out. I laughed and begged them to go ahead and privatize! LOL. Thing was I was vested and really wasn’t going to leave at that point. I was on the downhill slide to retirement by then. I put in 30 1/2 years. I made that choice when I entered and stayed in the public sector until I collected. Was the better choice at the time I thought. It was the deal offered and accepted.

I don’t recall getting any cost of living raises but perhaps a percent maybe three times in 30 years. And only perhaps two actual increases. I made a few job changes taking on more responsibilities and headaches to get upgrades and raises. But keeping up was not a perk of working for the state. The longer you were there the poorer you got compared to incoming employees. Not uncommon for new employees under you making more than you as you neared your retirement. And remember it all was part of your calculated benefit. The lower those were, the lower you retirement. A broken system of employment common in many state systems.

Funny thing is I left better paying private sector for the job security and benefits including the contract of a retirement system. I could have stayed but it was finally time to make some money. I gave up a lot of income those 30 years to "buy" that benefit. Its a contractual agreement we both abided by. Im not rich but I paid my way to get it. I can double what I make in retirement in 80 days a year in the private sector. Can’t do that if I go back to the state at all. I now make a lot more in a lot less time as Im back in that private industry on a part time basis doing what and when I want. Not such a bad deal. But certainly no gravy train. We get about 60% of our average over our last 10 years salary when we retired. We put in from 28-30 plus years to do it.