K-12 Tax & Spending Climate: California public pension payouts doubled after bump in benefits

Jon Ortiz:

The average retirement payout for new retirees in California's biggest public pension system doubled between 1999 and 2012, according to CalPERS data, and initial monthly payments for one group nearly tripled in that period.

State and local cops and firefighters benefited the most.

In the 14 years covered by the data analyzed by The Sacramento Bee, average first-month pensions to state police and firefighters went from $1,770 to $4,978. California Highway Patrol officers' first-month retirement payments doubled from $3,633 to $7,418, and local government safety employees' pensions went from $3,296 to $6,867.

The figures from CalPERS' internal annual reports, obtained by The Bee through a Public Records Act request, show how upgraded pension formulas that became fashionable during the late 1990s and early 2000s amplified the impact of pay raises to boost retirement allowances.

Posted by Jim Zellmer at September 11, 2013 2:53 AM
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