Letter: A pretty pension, if it’s yours

EDITOR,
So, you want to be a millionaire. How? As a model, follow in the footsteps of the Santa Cruz County planning director. The county just announced he will retire at age 55 with 31 years of service at the end of December.
With a first-year pension of $116,558, an amount which compounds at 2 percent each subsequent year, and with actuarial tables indicating he would live to at least age 81, his year’s pension at that point would be $195,050.27, for a total paid of $3,924,613. Plus, at 65, he will additionally collect Social Security.
The county’s cost the past year was $35,113 alone for that individual’s retirement. The retirement cost was $33,186,000 for all employees. With a payroll of $164,873,000, that is 20.1 percent.
Is your employer putting an equivalent of 20.1 percent in your retirement account?