Me too, I have an extra chair for you at the table..
Do you get or will you get a pension?
- Thread starter ZZman
- Start date
In New Jersey, elected politicians, including local officials, are in the State Pension plan. The formula for your pension payment involves your annual years of service and the highest compensation during a three year period. It resulted in some ridiculous pensions.
People who worked their way up from town councils to the Legislature often had many years of service. In the Legislature, if they voted for some unpopular legislation, such as a tax increase, they might get appointed to a high salary position they had no qualifications for. Such as, the State Board of Public Utilities. They would hang there for three years or so, and get a pension based on that salary.
And it worked the other way as well. Somebody who was a cabinet officer, then turned out of the job due to a change of administrations, would become a town councilman to boost the years of service.
Then there were the people in the "no show" jobs who got a salary without ever showing up. And then, when they "retired", they got a pension as well.
And you thought the Sopranos were the only crooks in New Jersey.
People who worked their way up from town councils to the Legislature often had many years of service. In the Legislature, if they voted for some unpopular legislation, such as a tax increase, they might get appointed to a high salary position they had no qualifications for. Such as, the State Board of Public Utilities. They would hang there for three years or so, and get a pension based on that salary.
And it worked the other way as well. Somebody who was a cabinet officer, then turned out of the job due to a change of administrations, would become a town councilman to boost the years of service.
Then there were the people in the "no show" jobs who got a salary without ever showing up. And then, when they "retired", they got a pension as well.
And you thought the Sopranos were the only crooks in New Jersey.
I think you left out exotic soaps and cologne.
Work a couple of doubles a week for the last 3 years and you’re Golden…….
That happens in law enforcement and with firefighters. In the year before they retire, they get loads of overtime. Some firemen virtually live in the firehouse and are seldom at home with their families.
We USED to have a pension... I was fully vested when they stopped offering it and froze it around 2012-ish.
Then last year( 2024, so the year before last) they gave up on it altogether. You could either put the $ in an annuity, take a lump sum, or roll that lump sum into your 401(k).
I did the latter, with my measly $6k lump sum.
It'll do me much more good in an account I can't touch for another 20ish years.
I can't believe some of my coworkers, some only 10 or so years from retirement, who had much more of a payout than I, who just took the cash, and of course, spent it.....
Then last year( 2024, so the year before last) they gave up on it altogether. You could either put the $ in an annuity, take a lump sum, or roll that lump sum into your 401(k).
I did the latter, with my measly $6k lump sum.
It'll do me much more good in an account I can't touch for another 20ish years.
I can't believe some of my coworkers, some only 10 or so years from retirement, who had much more of a payout than I, who just took the cash, and of course, spent it.....
Yes, when I started at my employer in 2000 there was still a real pension. They stopped offering pensions to anyone who started after January 1, 2012. It's a cash balance plan, not the good pension that was offered until sometime in 1999. The cash balanced plan is a lot better than a hot poker in the eye, I'm not complaining. My employer also match 401k contributions up to 6%, so I put in 25% and back doored the post tax money into a Roth. That maneuver is perfectly legal and a total gift. My defined benefits plan says I can to the back-door so I did, it's the only way I qualify to contribute to a Roth.
JTK
$100 Site Donor 2025
This is nice for your 401K also. ~15% of an overtime paycheck is a lot more going in there than a 40hr check. Regardless, I'm still far from the multimillionaires in this thread and I've been contributing to a 401k for just over 30yrs.
In regards to my defined pension, much like everyone else above, anyone hired after ~2005 with my employer doesn't have one.
Six pensions incoming between me and the wife.
I gave up pay raises for a better pension. Many younger workers think pay first.
So how much of your pension will you be sharing with those less fortunate?
I think the real question for a young person at this point is will the pension actually be solvent in 30 years, given most are underfunded already. It really depends on the specific pension I suppose.
You’re gonna call the PBGC with your SS number.
I don’t think I’m gonna make it to retirement at all so I’m not worried about any of it.
Good to see lots of folks here getting nice $$$ in retirement.
Leisure time for BITOG!
Take this one for what it's worth, but my pension payout is like social security, in that waiting to start pulling it, means more payout per month.
Did a little math, and it shows that pulling at 55 vs. 65, puts the break even point out to 75. And, of course, if the money is invested, it goes farther yet. So, I took it at 55. Chances are I'll be dead by 75 anyway. And if I'm alive, I may not be active enough to need the money, anyway.
Did a little math, and it shows that pulling at 55 vs. 65, puts the break even point out to 75. And, of course, if the money is invested, it goes farther yet. So, I took it at 55. Chances are I'll be dead by 75 anyway. And if I'm alive, I may not be active enough to need the money, anyway.
None thankfully. Invested over 30 years in 401k worked out well especially employer matches and profit sharing into it.
Never worked any job that would have offered one, however my income is typically way above those jobs who would have offered one anyways, and I typically invest pretty well and end up better this way. Let's say I could have gotten a 60k a year pension, I have done better by moving between jobs and get salary increases, stock bonus, etc that outpace pension from my retirement to my death (life expectancy 90 in my family).
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