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Retired Federal Workers Receiving 6-Figure Pensions Now Top 21,000
Friday, August 17, 2012
Retired Federal Workers Receiving 6-Figure Pensions Now Top 21,000
I. King Jordan
Retiring from years of service in the federal government can really put the gold back into the golden years.
Washington is currently paying more than 21,000 retired federal workers pensions of $100,000 or more per year, according to USA Today and Gannett News Service. This total represents 1.2% of all federal retirees.
Almost 10% of the 21,000 receive an annual pension of $125,000 or more. More than 150 retirees enjoy $150,000 or more, and six individuals get more than $200,000 a year.
The six-figure pensions were earned at various federal agencies, with the U.S. Postal Service producing 714 of these retirees. The Social Security Administration has 444, the Drug Enforcement Administration 326, the Internal Revenue Service 237 and the Federal Bureau of Investigation 186.
According to data released for 2011, I. King Jordan, the first deaf president of Gallaudet University in Washington, D.C., collected $375,900, and Maxey D. Love Jr., former president of a farm credit union, $322,272.
Almost all of the six-figure pensions go to federal workers who were hired before 1984, since the method of determining pensions changed for those who hired after that year. The average federal pension pays $32,824 a year.
-Noel Brinkerhoff, David Wallechinsky
To Learn More:
Some Federal Pensions Pay Handsome Rewards (by Dennis Cauchon, USA Today and Paul D’Ambrosio, Asbury Park (New Jersey) Press)
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