When local California official Susan Muranishi retires from her job in a couple of years, she’s going to be walking away with a fat paycheck -- $423,664 a year – for the rest of her life.

Muranishi, an Alameda County administrator, makes $301,000 in annual base pay. But in addition to that, the San Francisco Chronicle reports she'll also receive:

$24,000 in “equity pay” to make sure she makes at least 10 percent more than anyone else in the county, even in retirement.

An annual performance bonus of $24,000, even in retirement.

Another $9,000 a year for serving on the county’s three-member Surplus Property Authority, even in retirement.

$54,000 a year in “longevity” pay for having stayed with the county for more than 30 years, even in retirement.

Like other county executives, she’ll also get an $8,292-a-year car allowance. According to the county auditor's office, her pension would be equal to her annual pay package now.

Muranishi, 63, has been employed with the county for nearly 40 years.

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News of Muranishi’s payout comes at a time when nearby Stockton, Calif., is trying to enter bankruptcy. On Monday, the city faced off with its creditors in U.S. Bankruptcy Court to decide the issue. Stockton is one of several California localities saying they’ve run out of money and can’t pay their creditors. Lawyers for the city announced Monday it has cut its budget and services and has no choice but to enter bankruptcy.

According to The Associated Press, one attorney mentioned “the 800-pound gorilla in the room” – whether public employees’ pensions, long thought to be legally untouchable, could be reduced via bankruptcy.

Click for more from the San Francisco Chronicle.

The Associated Press contributed to this report.