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CrabmanIndustries t1_ixzigx6 wrote

I don't see a problem. We lowered term limits so it only makes sense to lower the vesting years.

Plenty of jobs give pensions after five years. Police, military, and all federal positions. It might not be a full pension but you get a percentage times years of service.

Hopefully we will see the term limits over turned by the next election and then we can talk about returning the old pension requirements. Term limits empower lobbyists and weaken local oversight.

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2468975 OP t1_ixzjzjo wrote

Do the jobs that give partial pensions after 3 years start paying that pension immediately or only after the person turns 65?

In the case of the council members, do their pension payments start after 8 years or after they turn 65? That makes a difference for sustainability in the long term.

For example, the police are vested after 10 years. If they leave after 10 years, they will get a small pension after turning 65 years old. They are fully vested after 25 years. That means that after 25 years of service they get pension payments regardless of their age. Someone correct me if I’m wrong please.

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[deleted] t1_iy0yczm wrote

[deleted]

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CrabmanIndustries t1_iy1mvds wrote

Should have said five years but https://www.calstrs.com/retirement-benefits

As for federal employees, you are vested in your employer match after 3 years and you must work at least 5 years with the Federal Government before you are eligible for a FERS Federal Pension, and for every year you work, you will be eligible for at least 1% of your High-3 Average Salary History.

Normally when I hear pension, I expect it to begin at age 62, not while you are of working age. Maybe we have different expectations of the word.

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