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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Basically anyone with a pension will be fine in retirement.[/quote]

Depends when you started.

For our state government:
[b]Those who have recently retired/will retire in the next 5 years have amazing pensions.[/b] They did not contribute a dime, their pension is based on highest earning year (which magically seems to line up with a big promotion and pay bump right before retirement), and worker and spouse have fully funded health insurance. Pension amount is 2% of highest salary for each year for 20 years, 3% each year 20-30. Up to a pension of 70% of highest salary.

Fast forward to the state realizing this is not sustainable. Employees hired later contribute for the duration of their employment. Pension is based on a 5-Year average salary, with any salary amount that is over 10% increase of the average of the 5 years prior thrown out, your pension is 1.66% for each year 1-20, 2% for each year from 20-30. You can use state employee health insurance but you pay.

Of course, there are trade-offs. You don’t have to worry about getting laid-off in your 50s/60s![/quote]

Thank you for this but can you pls clarify - why only those retiring in the next 5 years as opposed to 10 years?[/quote]

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