$26 Million Pension Payout for life to retired Public Employee

  • solak

    Posts: 493

    Jul 22, 2010 6:49 PM GMT
    ..for a 38,000 resident town

    http://www.latimes.com/news/local/la-me-0722-bell-pension-20100722,0,5742952.story

    "Rizzo, 55, could receive $26 million in pension income if he lives a normal life span."

    ballinnnnicon_cool.gif brb practicing interview skills
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    Jul 22, 2010 7:06 PM GMT
    southbeach1500 saidFrom the article:

    Bell City Manager Robert Rizzo, whose nearly $800,000-a-year salary has ignited community protests

    It's not surprising.

    As the welfare states of Europe collapse under these kinds of publicly funded pensions, we're not doing anything about it here in the USA and we'll suffer the same fate.

    On a brighter note, at least the Governor of New Jersey is trying to do something about it in his state.


    Any thinking person would agree that this is absurd compensation. What this speaks to is a lack of oversight and transparency, not "welfare states of Europe."
  • solak

    Posts: 493

    Jul 22, 2010 7:14 PM GMT
    this comment in the article struck me..

    "Yogi_Bears_Tie at 8:30 AM July 22, 2010

    These figures do not include that the every year the pensions are adjusted up due to COLA, Cost of Living Adjustments. A disgraced OC g-man retired in the 1990's with a yearly pension of about $90,000, it is now about $148,000 per year due to automatic COLA. Will your 401/K do that?"


    did not know they receive COLA on pensions, so his payout will rise with inflation/prices...

    ever think that maybe part of the reason for inflation/rising home prices is the absurd payouts for "Public Service" to begin with?

    as in it's these guys buying the big houses after all, and not the "rich" private guy inflating home pricing.
  • solak

    Posts: 493

    Aug 02, 2010 11:52 PM GMT
    http://www.cbsnews.com/stories/2010/08/02/eveningnews/main6737745.shtml

    "So police chief Adams, who worked just one year in Bell at a salary of $457,000, now qualifies for an annual pension of about $448,000."

    LOL stupid taxpayersicon_cool.gif

    dont you know PUBLIC SERVICE means the Public serve Public employees.. duhhhicon_cool.gif
  • solak

    Posts: 493

    Aug 05, 2010 8:47 PM GMT
    ...and on the other coast in beautiful NJ we have superintendents making over $250,000 (before excessive subsidized benefits/vacation/pensions)..

    well, we have to ATTRACT TALENT right?

    like this guy:

    West New York, NJ base Salary (before benefits/pensions): $241,980
    School rank: 282 out of 316 icon_lol.gificon_lol.gif
    http://njmonthly.com/downloads/1527/download/tophighschools08.pdf

    hopefully Christie will clamp down.. taxes are already insane there..

    property taxes "for the kids" (read: taxes for "Public Service Pay")icon_cool.gif
  • solak

    Posts: 493

    Aug 24, 2010 4:50 PM GMT
    and another double-dipper in NJ icon_cool.gif

    .. always thought retirement meant 'stopped working.'

    "Bayonne Mayor Mark Smith could soon be hauling in a nearly $9,000-a-month pension payment - that's in addition to his $72,000 annual salary as mayor."


    "During his final 12 months in the department, Smith, who is 48, earned $163,569.62, according to state records. "

    http://www.nj.com/news/jjournal/bayonne/index.ssf?/base/news-6/1281422454152150.xml&coll=3



    - so he gets another pension on top of his first one once he "re-retires?"


    but your tax dollars is for your $$$$$afetyy icon_cool.gif
  • solak

    Posts: 493

    Aug 25, 2010 5:22 PM GMT
    and another NJ administrator who retires to collect his pension WHILE keeping his job and 6 figure salary..

    double dipping ain't just for fondue..

    "it's for our services"
    thanks dumb taxpayers icon_cool.gif

    http://www.nj.com/independentpress/index.ssf/2010/08/chatham_twp_holds_off_on_admin.html