One day of work nets union leader $158,000 pension

Discussion in 'Politics' started by ScreamingEagle, Sep 22, 2011.

  1. ScreamingEagle
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    ScreamingEagle Gold Member

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    Most city workers spend decades in public service to build up modest pensions. But for former labor leader Dennis Gannon, the keys to securing a public pension were one day on the city payroll and some help from the Daley administration.

    And his city pension is more than modest. It's the highest of any retired union leader: $158,000. That's roughly five times greater than what the typical retired city worker receives.

    In fact, his pension is so high that it exceeds federal limits and required the city pension fund to file special paperwork with the Internal Revenue Service to give it to him.

    Gannon's inflated pension is a prime example of how government officials and labor leaders have manipulated city pension funds at the expense of union workers and taxpayers. Like other labor leaders, he was able to take a long leave from a city job to work for a union and then receive a city pension based on a high union salary.

    But in a new twist, a Tribune/WGN-TV investigation has found that Gannon is eligible for the lucrative pension deal only because City Hall rehired the former Streets and Sanitation Department worker for a single day in 1994, then granted him an indefinite leave of absence.

    Gannon quickly rose to become one of the most powerful labor leaders in the city, speaking on behalf of more than 300 Chicago-area unions as president of the Chicago Federation of Labor.

    State law allowed Gannon to retire from the city in 2004, the year he turned 50; since then, he has received about $1 million from his city pension. He stands to collect approximately $5 million during his lifetime, according to an analysis based on the fund's actuarial assumptions.

    Until last year, that pension came on top of Gannon's union salary, which had grown to more than $240,000. He now draws the pension while working for a hedge fund, Grosvenor Capital Management, that does work with public pensions, including the Teachers Retirement System of Illinois. The firm also was one of Mayor Rahm Emanuel's largest campaign contributors.

    One-day rehiring nets former Chicago labor leader a $158,000 city pension - Chicago Tribune
     
  2. WatertheTree
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    WatertheTree Senior Member

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    Nothing will change untill Americans as a whole wake up and realize that uncle sam is not so benevolent, and that only through diligent scrutiny will we maintain a government that protects our interests and our futures. This idea that we can just let government take care of itself while we focus our attention on XBox, drugs, porn, celeberty's, and sports is not rational thinking. We have to wake up and realize that we are being entertained, that the politics we see on tv are just entertainment.

    On the upside, the truth is so ugly that once it is seen it is impossable to to look away.
     
  3. ScreamingEagle
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    ScreamingEagle Gold Member

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    yep..."entertainment" to make people think government is going to "take care" of them.....however after the leaders (on both sides) take care of themselves and their buddies FIRST there is very little left over for the rest of America....

    we need to SLASH government income by at least half.....just for starters....
     
  4. syrenn
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    syrenn BANNED

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    Chicago unions... did you expect anything less?
     
  5. DaGoose
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    DaGoose Gold Member

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    Nobody in their right mind would support or agree to this, even union supporters.

    But what wasn't lost on me was the very first sentence of the OP.......

    .
     
  6. ScreamingEagle
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    ScreamingEagle Gold Member

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    Dalyland?.....Rahmboland?......Obamaland?...........Nope....
     
  7. ScreamingEagle
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    ScreamingEagle Gold Member

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    The ordinary man gets the modest pension......the labor leaders get the gravy....
     
  8. editec
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    editec Mr. Forgot-it-All

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    Hmmm...it sounds rather suspicious.

    Why...it almost reads like you suspect that the man doesn't deserve that pension.

    WEll, very few Americans, including most rank and files Dems I know, do not NOT understand that the DNC machine is corrupt.

    It's pretty much a given to those of us who are paying attention.

    The games that the parties play are somewhat different, but the effect is the same --their insiders get paid off.
     
    Last edited: Sep 22, 2011
  9. DontBeStupid
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    DontBeStupid Look it up!

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    Wait, most city workers spend decades to get a modest pension? I thought you guys believed ALL city workers were over paid and received luxurious pensions? Why the change now?

    Or, are you suggesting that since one person may have done something wrong, the whole group needs to be punished?
     
  10. ScreamingEagle
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    ScreamingEagle Gold Member

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    depends on the group or persons.....but a labor leader making 5 times the others is pretty suspicious....
     

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