More and More Pensioners Are Joining the ‘$100k Club’
The number of public retirees receiving more than $100,000 in pension checks from CalPERS each year has exploded from 1,841 in 2005 to 21,652 in 2015. The latest figures come from Transparent California, a project of the Nevada Policy Research Institute, and add to claims that the current system is unsustainable.
In 2013, the number stood at 16,838. That’s a 28 percent increase in just the past two years. But the rate at which public employees are joining the club has actually slowed somewhat in recent times. Furthermore, says Amy Morgan, spokeswoman for CalPERS, those large figures aren’t representative of the average pension, which is actually far less.
Still, as far as the reform advocates are concerned, the mushrooming ‘$100k club’ is yet another sign of grave problems within the system.
“What this information does is remove the shroud that defines public pensions and lets people see what things cost,” said Robert Fellner, research director for Transparent California. “Contrary to the incredibly misleading averages they cite – which include people who worked for just a couple of years but still get a pension, which pulls down the average – you see the benefits are rich when you look at the folks who worked a full career. There aren’t people who work a full career and get the average pension.”
Read more about the ever-expanding ‘$100 k club’ here.
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