California Dreamin’
California has one of the worst pension crises in the country—the state’s pension funds are about $500 billion in the red, and over
5,000 retired teachers and administrators receive pensions in excess of $100,000. But the crisis hasn’t stopped Santa Clara County’s fire chief from having his cake and eating it, too. Kenneth Waldvogel, who retired at the end of last year, was kept on as a consultant beginning in January—that means that for six months he not only took home an impressive consultant salary ($236,691), but a $200,000 yearly pension to boot.
