Calculating Carlos Gimenez’s Pension

Posted in Economy, Left & Liberals, Miami by americatimes on June 23, 2011
Gimenez will receive at least $5 million as retirement pension – mostly paid by taxpayers:

In 2000, Carlos Gimenez retired from the Miami Fire Department at age 46.
If he lives through age 86, he will receive $5 million in pension — almost 96% of it will be paid by taxpayers.

NOTE: If he lives beyond age 86 and/or his pension can be transferred to his living beneficiaries, the cost of Gimenez’s pension will be way beyond $5 million.

Gimenez receives a yearly pension of: $126,810  
If Gimenez receives this pension for 40 years: x 40 years
Gimenez will receive in pension: $5,072,400
Minus part of pension paid by Gimenez ($225,000) 4.44%
Part of Gimenez’s pension paid by taxpayers $4,847,400 95.56%

No wonder public unions are addicted to the benefits of their government jobs.

Gimenez will pay only 4.4% of his $5 million pension. Taxpayers will have to pay the rest. Gimenez says he contributed $225K to his pension – that means, he paid $225,000 to receive at least $5 million. That is a superb deal for Gimenez, but not for the taxpayers.

Why do taxpayers have to finance these excessive benefits?
Taxpayers are the modern slaves — no vote, no voice.

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