A Southern California columnist, Steven Greenhut, writes that the perception that police and fire officials die at a younger age, thus earn an early, robust pension package, is an “absurd myth.”
In his Orange County Register column, he cites an interesting life expectancy study from a CalPERS presentation that he claims breaks the delusion about retirement.
• If the current age is 55, the retiree is expected to live to be 81.4 if male, and 85 if female. Here is the CalPERS life expectancy data for public safety members (police and fire, which are grouped together by the pension fund):
• If the current age is 55, the retiree is expected to live to be 81.4 if male, and 85 if female.
• If the current age is 60, the retiree is expected to live to be age 82 if male, and 85.5 if female.
• If the current age is 65, the retiree is expected to live to be age 82.9 if male, and 86.1 if female.
• If the current age is 60, the retiree is expected to live to be age 82 if male, and 85.5 if female.
• If the current age is 65, the retiree is expected to live to be age 82.9 if male, and 86.1 if female.
The writer’s point: “Let’s at least deal with actuarial reality rather than emotionally laden fantasy when dealing with the public policy issue of pensions.”
But is it really that simple?
The stress level and danger involved with a career in public safety is obvious. And is a man or woman over the age as effective in his or her role after the age of 55 anyways?
What are your thoughts? Post your comments through the form below or e-mail jspencer@publicceo.com