Nearly 1,200 L.A. County retirees receive six-figure pensions

[Kadie]

Nearly 1,200 L.A. County retirees receive six-figure pensions

The Associated Press
Last Updated: July 11, 2004, 08:45:18 AM PDT

LOS ANGELES (AP) - Nearly 1,200 retired county government workers receive pensions of more than $100,000 a year, it was reported Sunday.
The 10 largest pensions range from $210,434 to $316,047, the Los Angeles Daily News said, citing county figures obtained under the California Public Records Act.

Overall, Los Angeles County counts 1,198 six-figure pensions while the California Public Employees Retirement System has 816 and the California State Teachers' Retirement System has 427, the newspaper said.

Taxpayer advocates said the findings are another example of the toll pensions, salaries and benefits are exacting on state and local budgets.

In recent years, state and local agencies have struggled to cover rising payments to employee pension funds as a result of stock market losses and dwindling tax revenues. Gov. Arnold Schwarzenegger has proposed borrowing $1 billion to meet the state's retirement obligations.

more... http://www.modbee.com/state_wire/story/8833625p-9720977c.html

[DBoon]

1. While this may seem high

And should certainly be scrutinized, note that:

- Los Angeles County has a very high cost-of-living. What looks like a huge salary here will actually buy a fairly modest home.

- The County employs Doctors, Lawyers, and other highly paid professionals. Nobody working in the District Attorney's office is going to make the huge draw that a law firm partner will see in the private sector - their retirement, when compared to what the private sector has to offer, does not seem so outrageous. SAme for high-level managers.