California's $100,000 pension club

Yes, it's true that the average state public pensioner only collects $27,564 a year, and that only 2.3 percent of California's 536,234 retirees are members of the $100,000 club. But as pointed out by the OC Register, the number has doubled in the past two years (and jumped by 563 percent since 2005).

One can thank the generous pension formulas granted by state and local politicians in the early 2000s for the spike in $100K clubbers. The 3-percent-at-50 public safety and 2.7-percent-at-55 general employee crowds are retiring now, and will continue to do so for the next 20 years or so. One can expect the $100K pension club to keep growing at exponential rates for some time.

California's biggest pension recipient is Bruce Malkenhorst, who held numerous positions in Vernon for three decades, and who pleaded guilty to misappropriating $60,000 in public funds. He used the money for political contributions - as well as personal expenses like golf games, massages, and a home security system. Malkenhorst's pension rose from $509,665 last year to $530,268 this year.