Locally, there are at least 83 retired employees (and thousands more across the state) that earn more than $100,000 per year in pension payments, according to a report by the Sacramento nonprofit, California Foundation for Fiscal Responsibility, and published by our media partner, the North County Times.
These levels of compensation are unsustainable, said Marcia Fritz, vice chairwoman of the California Foundation for Fiscal Responsibility.
"We could run out of money, literally," said Fritz. "There will be dramatic cuts in services if we don't do anything to stop the flow of benefits concentrated on retirement rather than current employees."
For example, former Oceanside chief of police Mike Poehlman draws in $142,000 per year from the program along with his current salary of about $168,000 from the city of Reno, serving as their chief of police, according to the nonprofit.
While the state's pension plan, CalPERS, has taken a hit in the financial markets, retirees' pension checks haven't been reduced because they are guaranteed by state law, reports the North County Times. Across the state, 4,818 employees earn more than $100,000 in state pensions, according to the groups report.
Read the full article on the North County Times website.
