The media is catching up on the trend regarding pension costs...Last week it was teachers pensions in the news...This week its general municipal employees....The contribution rate for police and firemen is 25.8%.
That means a local government with a $100,000 a year police salary has to pay $25,800 into the retirement system. The Comptroller is crowing about how well managed the system is...Not exactly.
Oh, by the way the employee in the above example pays nothing into the fund.
Pensions Just Got More Expensive For Local Governments