Sunday, Apr. 06, 2008

How generous is it?

• For every dollar state employees contribute to their pensions, the taxpayers kick in $1.27; for every dollar legislators pay into their system, taxpayers pay $3.91.

• The average pension for career state employees is $17,536 — 53 percent of their final salary. The average pension for our part-time legislators is $18,218 — or 102 percent of their pay.

• Former legislators can buy “service credit” at the same super-subsidized rate after they leave office. A legislator who leaves office after eight years can buy credit for $2,280 a year for the next 22 years, and then collect an annual pension of $32,980. He will recoup his “investment” in three years, and clear $33,000 a year in profit for the rest of his life.

State employees get no subsidy if they buy additional credit after they quit working.

• Former legislators can start drawing a full pension at age 60. That means an extra $91,000, on average.