Thursday, May 29, 2008

State Employees Get Raises

The State employee contracts are up for renewal, and the increases are...nice.

Least (bi-ennial): 8.30%

Most (bi-ennial): 11.00%

In addition, it's worth recalling that State retirement bennies are "fixed-benefit," meaning that retirement income is guaranteed to be $X/month, unlike "fixed-contribution" which means that the State's annual contribution towards a retirement fund is $X/year.

And those retirement bennies are a FAR cry from 401(k)'s, which may or may not include a contribution from the employer.

HT: FoxPolitics/Mary Lazich

2 comments:

Billiam said...

Tell me again why I continue to stay in this state?

Jeni said...

Lol billiam, agree...wonder that more and more lately.

This is insane. They need to be taking cuts and paying for more of their own health care.

Common sense and fiscal responsibility are lost in this state.