The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Thursday, March 15, 2012

Carl DeMaio: San Diego Top Pensioner $307,758!!!


Joe:  this San Diegan and City Council member was on the John & Ken Show on KFI the other day. He said that a librarian was making $129,000 in salary and that her pension because of “spiking” is now $169,000. Public pension unions simply went way too far and now they are bankrupting cities, I’m hearing that Stockton is next. Los Angeles is a few years down the road. Something like 80% of the states revenue comes from of the people who pay taxes, keep in mind many people in California do not pay taxes. -Bob

SAN DIEGO – City Councilmember Carl DeMaio today released his eighth annual report disclosing pension payouts to individual city employees. The report shows the top city pensioner took in a staggering $307,758 in 2011 – and the top 10 city pensioners will split more than $55 million for the remainder of their lives.
The report also shows a whopping 80% increase in the number of six-figure ($100,000 or more) city pension payouts in the past two years alone.
“Just when you thought the number of excessive pension payouts could not get any higher, it has,” lamented DeMaio.
“At a time when roads are falling apart, these pension payouts are simply offensive to taxpayers – and highlight the need to reform unsustainable pension benefits in city government,” DeMaio noted.
The report breaks out public safety pension payouts from general worker payouts – and catalogues pensions being paid out after the effective date of the notorious “MP2” pension spiking plan approved in 2002.
The report shows 71% of the pension payouts for public safety members who retired after 2003 are higher than the total median household income of $63,069 for San Diego families.
To reduce these kinds of payouts in the future, DeMaio is proposing city leaders act to cap pensionable pay, eliminate use of bonuses and specialty pays in pension calculations, and fully reform the DROP program to make it “cost free.”
Shocking Facts on Pension Payouts:
80%
The percentage increase in last two years in the number of city retirees receiving six-figure ($100,000 or more) pension payouts.

$307,758
The top annual retirement allowance paid in CY2011 – plus a second undisclosed allowance from a taxpayer-funded 401(k) account for this employee.

$55 Million +
The total value of pension payouts that the top 10 city pensioners alone will receive for the rest of their lives.

70.5%
The percentage of public safety retirees since 2003 that are receiving more than $63,069 in retirement – which is the median San Diego County household income.

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