The median for retirement in CA is 61.9 years of age. Age factor plays a large role in setting pension, one cannot retire early without giving up a portion of the pension. The average monthly benefit is $4,088.
Here’s an idea of pension contribution
> Teachers contribute 8% of their monthly salaries into a state pension fund, while their employers contribute an additional 8.25%. On top of these payments, the state of California contributes another 2% into the fund.
Thank you. So that gives the cost of the retirement plan at 10.5% of salary. The link, unfortunately, does not give what the cost of the healthcare plan is (or other benefits).
Your link also says they can retire at 50 with 30 years of service. Sure, it's not the full pension, but they'll still be receiving the pension for another 30 years. Seems generous to me.
I don't know a private company with a plan like that. SS doesn't start paying out until 62 (also at a reduced amount).
Here’s an idea of pension contribution
> Teachers contribute 8% of their monthly salaries into a state pension fund, while their employers contribute an additional 8.25%. On top of these payments, the state of California contributes another 2% into the fund.
All from https://www.teaching-certification.com/salaries-benefits/cal...