The Daniel Borenstein article should be required reading for anyone wants to understand why we will be getting LESS for MORE in the future.”In November, Berkeley City
Manager Phil Kamlarz traded his $250,000-a-year job for retirement with a
starting pension of about $266,000 annually…  The notion of career
employees collecting nearly as much or more in retirement than on the
job is not unique to Kamlarz, nor to Berkeley. One-fourth of public
agencies in CalPERS use the 2.7-percent multiplier starting at age 55 or
a more generous 3-percent multiplier at age 60 for their nonsafety
employees.”