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Re: Californian's $609,000 Check Shows True Retirement Cost

By: weco in FFFT | Recommend this post (0)
Fri, 14 Dec 12 9:27 PM | 51 view(s)
Boardmark this board | Food For Further Thought 		Msg. 48508 of 65535
(This msg. is a reply to 48504 by oldCADuser)
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We couldn't accumulate/carry over past a few months of the following year, and as luck had it, more than once, we were so tangled up in new switches, there was no way any of us, as key players, could just take off... So letters written to do a carry-over, but that had to be used early in the new year... I made the mistake once, and only once of selling vacation time back, most of it was lost to taxes as it went in on top on the current week... Never again.. So no accrual here...

It's as suspected in the chart on Prson guards, CHP, understaffed, too much OT, they work the system as written, pruning is going to be nasty if it could even happen... CHP upper level officers routinely go out on full disability, adding even more onto their stashes...

No simple answers to any of it...


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The above is a reply to the following message:
Re: Californian's $609,000 Check Shows True Retirement Cost
By: oldCADuser in FFFT
Fri, 14 Dec 12 8:49 PM 		Msg. 48504 of 65535

Clo,

This is not all that unusual. My father worked 30 years for the State of Michigan and when he retired he had over 9 months of time 'in the bank'. By law (at least during the time he worked for the state), as a state employee he was not allowed to be paid overtime. Any time over 40 hours a week was 'banked' and could be taken as part of his annual leave but it WAS his in perpetuity.

And here in California, even though my employer, Siemens, has just sent out their annual 'use it or lose it' warning about any accrued PTO (Personal Time OFF - we don't call it vacation anymore since it now include sick days as well) that you've not used, you can't really be forced to take it (I think there is one other state where unused vacation time is not forfeited at the end of the year). In fact, I can have as many as 10+ weeks (actually 52 days, as the basis of the rule is 'a years worth of one day per week') of unused PTO banked before I risk losing any of it.

I currently have 15 days in the 'bank' and since I now get 30 days of PTO plus 10 holidays per year, the idea is to 'bank' approximately 15 days per year until I retire, which, based on my current plans, will allow me to come pretty close to that limit. In essence, I'll be getting a 'bonus' upon retirement of something like 2 1/2 months salary, and at the rate of pay that will be in effect when I retire, not what it was when I actually 'earned' those days.

It's all part of the game, so if you don't take advantage of it, you only have yourself to blame.

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