Pensions in the private sector are long, long gone. In the public sector however it’s a different story as they are alive and well.
Many people have pointed to pensions as a major cause of the problems our country faces, at least on the State and Local levels. Many also point to the pension liabilities as one of the reasons why State and Local taxes need to be raised. Look no further than California for plenty examples of pension related problems. But, are these real problems? Or are the fabricated?
Overall, this is WAY to big of a topic to cover in this little ol’ blog, so I’m just going to highlight one example.
Alameda County’s Administrator, Susan Muranishi, a 38 year veteran of the county is clearly a high performance player. I’m not sure what a County Administrator does, however, it must be a role that very few people are qualified for, let alone are rock stars at the job who deserve a lifetime pension.
Yes, Muranishi, at 63 year’s old will earn a wage, on behalf of the tax payers, for the rest of her life. I’m sure she’ll have many, many years left and, based on the check she’ll be receiving, she’s going to be living very well indeed.
You see, Muranishi will earn (?) over $423k per year for life. No, you read that right, over $423,000 per year after miscellaneous bonuses, etc. You can read the details of it here.
Does anyone think this is right? I understand that there’s a contractual obligation, but going forward, this makes no sense, is not sustainable and will burry our Local, State, Federal governments, you, me and our kids with a level of debt and obligations that will make the problems in Greece and Cyprus seem like the problems my dog has deciding if she should nap on the sofa or my bed – meaningless.
Really, you can’t tell me that whatever a County Administrator does in the 7th largest county in California (per 2010 census), deserves to be paid each year in retirement – for life – an amount more than the President of the United States (FYI he earns a salary of $400k).
This is a joke. Yet, unfortunately, is not.