Liberal politicians in Washington D.C. often complain about the federal tax code being too regressive and thus placing too large a burden on low-income families while allowing "millionaire, billionaire, private jet owners" to get a free pass (one must to be willing to ignore actual statistics to reach this conclusion but lets just take the word of Bernie Sanders at face value for the moment).
Of course, if these same politicians are truly concerned about massive wealth transfers from low-income taxpayers to the rich, then they should promptly take notice of an article published by the Pocono Record today highlighting some of the most egregious annual pension payouts awarded to retired public employees in Pennsylvania...payouts that are funded by tax receipts from one of the most regressive taxing systems in the country given Pennsylvania's 3.07% flat tax.
Three years after retiring as president of Pennsylvania State University, Rodney Erickson is netting $477,590 a year — from a state pension.
Gary Schultz, the former Penn State vice president who pleaded guilty in the Jerry Sandusky scandal, takes home $330,699 in pension benefits. Former state lawmaker Frank Oliver, a Democrat who represented North Philadelphia, gets $286,117.
But despite reforms in the system — which mostly affect future retirees — and a move by some states to cap retirement payments, a separate class of Keystone State pensioners will continue to receive checks that alone put them among the top tier of all income earners in the United States.
As the costs of public pensions continue to be a point of debate for struggling state and municipal governments, the Inquirer and Daily News reviewed data for hundreds of Pennsylvania’s highest-paid beneficiaries, all current through August.
They showed that 20 state retirees collect more than $215,000 a year — a payout so big it exceeds an IRS mandated pension cap and must be paid from two plans. More than 500 retirees collect $100,000 or more.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
If you made enough money that you are paid more than $100,000 from a state or federal pension then you probably made enough money that you don't need a government paid pension. That level of government pay should just be a 401k with a small contribution from the government to supplement a payment from the individual. Years ago the government paid a fairly generous pension to its employees to make up for the fact that their workers worked long hours for low pay. That hasn't been the case for at least 20-25 years.
Yeah, let's take money away from the rich and give it to the poor....um wait isn't that socialism? Oh, never mind!
If you think government pensions are over inflated, you should see what the pensions are for the longshoremen and other blue collar and clerical (yes, clerks) working st our nations shipyards.
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