Public Sector Pensions

A couple of eye opening stories in a recent op-ed piece by Steve Forbes.

In New Jersey, a 49 year old state retiree paid a total of $124,000 toward his retirement pension and health benefits. The result is $3.3 million in pension payments over his life and nearly $500,000 for health care benefits--a total of $3.8 million on a $120,000 investment.

A retired teacher in New Jersey  paid $62,000 toward her pension and nothing for full family medical, dental and vision coverage over her entire career. The state will pay her $1.4 million in pension benefits and another $215,000 in health care benefit premiums over her lifetime.

The story can be found by clicking here.