frolicndetour t1_ixzas5e wrote
Reply to comment by 2468975 in Pension for Baltimore City council members by 2468975
I think that's about right. Does the bill provide for them to get a full pension? I haven't seen it and all the articles say they are "eligible" for a pension, which I guess I assumed meant that they are vested and would get something based on their years of service. If they get a full pension after 8 years, that is definitely bull.
bmore t1_ixzc5xz wrote
They get 2.5% of their highest salary x years served, and if elected after 2016 it's capped at 60% of their highest salary.
The pension for someone who ran for council, stayed on until they were term limited at 8 years, and retired would be about $15k annually. So anyone trying to use it as a get rich quick scheme as implied by folks in this thread would be...bad at getting rich quick? There are better ways to make money.
frolicndetour t1_ixzctkv wrote
Ok...yea that's what I thought. That it would be vested and then calculated based on time in, not the full pension. Because one of the articles seemed to suggest that they could supplement their time in by getting a job in city government, which wouldn't be necessary if they got the full pension after 8 years.
2468975 OP t1_ixzeu4i wrote
No one gets their full salary as their pension, but do they get this pension immediately after 8 years or after turning 65? That does make a difference for sustainability.
2468975 OP t1_ixzbjt3 wrote
I’m glad we’re having this conversation. I took it to mean 8 years full pension because when the police pension was revised, they said it changed from 20 to 25 years. That is for the full pension. Nobody talked about their partial pension after 10 years. We definitely need clarification of this point.
Thebronzebeast t1_ixzdb1u wrote
It still pisses me off how they can take from those who put their lives on the line to put into their own pocket as if Baltimore doesn’t have a problem keeping those positions already. The more I see the more I think of the wire as a documentary instead of tv show
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