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REPORT: NICE RETIREMENT, IF YOU CAN GET IT
Wednesday, February 24th, 2010 -- 11:37 am
Posted by Riley Hebert-News Director
A new report indicates public employees have it pretty good when it comes to retirement benefits.
The Wisconsin Policy Research Institute report shows public school teachers and state and city workers receive hundreds of dollars more per month in retirement than higher-paid employees in the private sector.
According to the right-leaning group’s study, an employee making $48,000 per year and enrolled in the Wisconsin Retirement System would retire with an estimated monthly benefit of $1,712 from the system.
A private sector employee who earned $70,000 a year would get only $1,301 a month.
The report also finds 99% of public employees don’t pay the 'employee contribution', which is about half of the 11.2% or more of their salary that's deposited into their pension fund accounts each year. While state law makes that share negotiable, nearly all public employees in Wisconsin get it paid for them.
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