Bullitt
06-25-2009, 10:03 AM
A campaign to publicize the identities of thousands of people receiving hefty government pensions -- from onetime professors to former fire chiefs -- is catching on around the country.
The effort was launched earlier this year by a California interest group determined to promote its view that steep pension payments are bankrupting states and localities. Newspapers in New York, Rhode Island, Massachusetts, Illinois and elsewhere have published lists of their six-figure public retirees.
Those named are former public employees and their dependents who receive an annual pension of more than $100,000. Atop one list is a former city administrator from the small Southern California town of Vernon, whose annual pension is $499,674.84.
During the stock-market boom of the 1990s, pensions became passse; and the 401(k) was considered the ticket to a cushy retirement. But the average 401(k) plan, heavy in stocks, lost around 40% last year, leaving those nearing retirement with little time to recover.
http://finance.yahoo.com/news/Group-Shines-Light-on-Hefty-wallstreet-100061357.html?x=0&.v=7
The effort was launched earlier this year by a California interest group determined to promote its view that steep pension payments are bankrupting states and localities. Newspapers in New York, Rhode Island, Massachusetts, Illinois and elsewhere have published lists of their six-figure public retirees.
Those named are former public employees and their dependents who receive an annual pension of more than $100,000. Atop one list is a former city administrator from the small Southern California town of Vernon, whose annual pension is $499,674.84.
During the stock-market boom of the 1990s, pensions became passse; and the 401(k) was considered the ticket to a cushy retirement. But the average 401(k) plan, heavy in stocks, lost around 40% last year, leaving those nearing retirement with little time to recover.
http://finance.yahoo.com/news/Group-Shines-Light-on-Hefty-wallstreet-100061357.html?x=0&.v=7