A former Sanitation Department honcho is pulling in an astonishing $285,047-a-year pension — more than twice what he was making on the job, according to newly released data.
And that’s just one of dozens of huge pension payouts revealed in records published Tuesday by the Empire Center for Public Policy — data that lay bare the city’s insanely generous pension system, the government watchdog said.
“Pensions like these are unheard of in the private sector — and deserve the close scrutiny of taxpayers,” said Tim Hoefer, executive director of the Empire Center.
“The long list of six-figure pensioners in the New York City Employees’ Retirement System shows just how great a burden the city has placed on its finances,” Hoefer added.
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Governments should use a pay & retirement system like the military uses. Retirement is based on Base Pay only. So none of the extra pay & allowances (like housing and food allowances) they get count towards retirement. Also there is no such thing as overtime so when you are deployed or out to sea 24/7 you aren't getting paid overtime like firefighters or paramedics etc.
ReplyDeleteThere should be no such thing as a government pension. 401K, PERIOD!
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ReplyDeleteThis guy didn't create the rules for his pension but any and all schemes of this sort need dramatically re-tooled.
They are pervasive in many public employment situations. It's just wrong.
He was an executive at retirement. Well deserved. Good for him. Been there since the early 1970's.
ReplyDeleteRemember, those that get a government pension do not get Social Security and have paid into their plan. He is entitled to it.
ReplyDelete11:41 you sure you don't have it bass akwards. They don't pay in but draw it like the MSP.
ReplyDeleteNot bad for a garbage man.