USAMomma
Member
- Jul 14, 2010
- 287
- 52
- 16
Talk about greed, corruption and a great reason to bring back tar and feathering!
Some extra pension benefits enjoyed by some of San Diego's top-paid city retirees are raising eyebrows at a time when a lot of political heat is coming down on public employee pensions. Former chief deputy city attorney Eugene Gordon, the city's highest-paid retiree, receives nearly $300,000 a year in retirement. Nearly a quarter of that is in the form of what's known as "preservation of benefits paid." Former city attorney Mike Aguirre said that benefit was created in 2001 by the mayor and City Council without fanfare or extensive public discussion. Known as a "qualified excess benefit arrangement" under IRS rules, the benefit pays retirees -- whose pensions would exceed 90 percent of their highest salary (or other IRS limits) -- money from the city's general fund to make up the difference.
Read here for more..
http://www.msnbc.msn​.com/id/39449091/ns/​local_news-san_diego​_ca/
Some extra pension benefits enjoyed by some of San Diego's top-paid city retirees are raising eyebrows at a time when a lot of political heat is coming down on public employee pensions. Former chief deputy city attorney Eugene Gordon, the city's highest-paid retiree, receives nearly $300,000 a year in retirement. Nearly a quarter of that is in the form of what's known as "preservation of benefits paid." Former city attorney Mike Aguirre said that benefit was created in 2001 by the mayor and City Council without fanfare or extensive public discussion. Known as a "qualified excess benefit arrangement" under IRS rules, the benefit pays retirees -- whose pensions would exceed 90 percent of their highest salary (or other IRS limits) -- money from the city's general fund to make up the difference.
Read here for more..
http://www.msnbc.msn​.com/id/39449091/ns/​local_news-san_diego​_ca/
