Gold Parachutes for Public Servants

Pension spiking is an apt term.  The average public servant’s salary trends upwards unremarkably over the years until retirement or other separation from service looms on the horizon.  Then, some workers, or in this case executives, manage to double and even triple their last two or three years pay, which dramatically boosts their pension payouts. The techniques vary jurisdiction to jurisdiction but who pays for all those golden parachutes does not – ordinary taxpayers who pay more and deserving recipients of public programs who get less.