GILT-EDGED PENSIONS!

From FORBES 2009:
A link to the entire article can be found at the bottom of the post.


"Michael Hirth, a 55-year-old fireman in Hallendale Beach, Fla., has a nifty deal known as a Deferred Retirement Option Program. It enables public employees to “retire” and stay in their old jobs. Hirth is receiving both a pension and a salary for the same job. He’s even allowed to direct income from the pension into a fund that guarantees an 8% return as long as he works. (The only way ordinary folk get guaranteed returns is with something backed by the U.S. Treasury. Treasurys pay 0% to 3%.) If the fund fails to achieve that hurdle, taxpayers will just have to kick in the difference."

"Steven Beatty is the kind of social studies teacher you hope your kid gets. The Bridgewater, N.J. high school instructor has a solid command of history, took grad school courses on his own time and clearly loves teaching. But Beatty isn’t in it just for the students. At 38 he earns $80,000 a year, nearly double New Jersey’s average, and pays only 5.3% of that toward his pension. He can retire at 60 with full benefits and, should he so desire, continue teaching part-time."

Article from 2009 is just as relevant today-maybe more so!