Monday, January 21, 2013

Case Study No. 0738: "Librarian to Get $6M Pension"

Librarian to Get $6M Pension
San Diego City Council Member Carl DeMaio on the big pension payouts some city workers will receive over the next 25 years.
Tags: hihghlight reel pension librarian city workers employees spending
Added: 2 months ago
From: FoxBusinessNetwork
Views: 58

[scene opens with Stuart Varney from Fox Business' "The Highlight Reel" speaking directly to the camera]
STUART VARNEY: Roll it please ...
[cut to Carl DeMaio speaking directly to the camera, as "A retired librarian in San Diego CA will make $6M over the next 25 years!" appears on screen]
CARL DEMAIO: And these top ten are the biggest payouts in our city's pension system. We find a former assistant city attorney, uh ... we find a librarian. This librarian is gonna get six million dollars over the course of the next twenty five years!



Our retired head San Diego city librarian made $139,000 salary as an employee. She now receives $227,000 in pensions, PLUS has another major pension we can't quantify. Contrast that with a Commandant of the U.S. Marine Corps -- a FOUR STAR general position. That general's pension for 30 years often arduous and dangerous service is about $149,000 a year.

This mobile billboard is showing up at each debate and gathering, and is driving around town the rest of the time. Prop D proponents are not pleased!

Is our city insane? More and more, our local media seem to think so. Watch the reporter become more and more preturbed with the city pensions as this TV segment goes on -- and rightly so.

Prop D -- the sales tax increase -- essentially is needed to allow the continuation of this madness. I think the passage of Prop D is looking more and more doubtful to Mayor Sanders and his labor union sycophant city council cohorts.

BTW, the other "major pension" mentioned in the video is the city's defined contribution SPSP plan -- available to all "general" city employees (all but police and fire fighters) until recently. For decades, this 401k-type pension let city employees contribute (and deduct) between 3% and 7.5% of their salary, and get a FULL, 100% match from the taxpayer -- better than 90% of the 401k plans in America. And this is an EXTRA city pension -- not the MAIN city defined benefit pension we hear so much about.

I would guess that this librarian's SPSP account -- which has by now doubtless been rolled over into her personal IRA, is probably worth well over a half million dollars -- and more likely closer to a million dollars.



City Councilmember Carl DeMaio joined the same pension expert who revealed the excessive pension payouts in the City of Bell to release a report documenting excessive pension payouts to retired city employees in the City of San Diego. DeMaio also released a comprehensive list of pension reforms to end abusive payouts at taxpayers' expense.

Earning Almost Double in Retirement than While Working for the City: Several city retirees clearly earn considerably more in retirement than those currently working for the City of San Diego. In one case, the city's former head librarian receives $227,249 as an annual retirement allowance – versus the $139,680 budgeted amount for the current head librarian working for the city.

Worse than that, the $227,249 does not include payouts this former city librarian would receive from another city-funded retirement program known as the Supplemental Pension Savings Program -- where the city has matched up to 6% of many city employees' salaries for decades.

$227,249 = The annual retirement allowance for a city librarian – plus a second undisclosed allowance. The current salary for this position is approximately $140,000

$6 Million = The estimated payout for this ex-librarian over the rest of her life

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