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on Aug 10, 2007
If you think new police chiefs are being appointed more frequently in Pleasanton, you're right. This week, Capt. Michael Fraser was sworn in as the chief of the Pleasanton force, succeeding retiring Chief Tim Neal, 52, who's been at the post for 7 1/2 years. Now 53, Fraser has been on the city's force since 1980, making him eligible for retirement in just four more years. Since the statewide police pension system provides full retirement benefits and 90 percent of their highest pay to police who are at least 50 years old and have served 30 years in municipal police work, those who continue on would be working for 10-cents on the dollar. There's even great personal risk to staying on the job even if you want to since the benefit and ongoing retirement pay package ends if you should die before retiring. The surviving spouse collects what's been paid into the system and vested, but nothing ongoing. Fiscally and practically, the state pension plan works to discourage 30-year veterans from continuing in their job unlike in the private sector where junior executives just reaching their 50s and with 30 years of experience are prime candidates for their companies' top positions.
Read the full story here Web Link posted Friday, January 26, 2007, 12:00 AM