We've all heard the stories about massive retirement packages by a few high-ranking public employees. What you HAVEN'T heard is the truth affecting the overwhelming majority of public employees, regular working people like most of us:
- The typical pension for retired state workers is about $26,000 per year and $23,000 for municipal workers.
- Most public sector employees do not pay into Social Security and will not receive any Social Security benefits. These retired workers will have to depend only on their public pensions when they can no longer work.
- Public employees are even more opposed to public pension abuse than are private sector workers. Public employees are not only taxpayers, but they also rely on those pension funds for their retirements. Public pension abuse hurts public employees twice!
- Public employees fund an average of 88% of their own retirement benefits, with lower wage employees paying 100% of their pension costs in many instances. That’s much higher than private sector employees, who fund an average of 57% of their defined contribution retirement plans. In truth, the Commonwealth and taxpayers are getting a good deal on public sector pensions.