03/10/2011 07:45 pm ET | Updated May 25, 2011

Bruce Malkenhorst Sr. Collects A Public Pension Of Almost $520,000 Annually

Whoever it was who came up with the phrase "golden years" might have had Bruce Malkenhorst Sr. in mind.

The retired city administrator of Vernon, Calif., pulls down a pension of $43,320.53 a month - or close to $520,000 a year - through the underfunded California Public Employees' Retirement System (CalPERS), which covers about half of all government workers in the state and is the nation's largest public pension administrator.