As previously reported, the pensions for the City as seriously under-funded. City policies may be the biggest culprit! Employees are allowed to accumulate sick days and get paid for them when they retire. http://blnnews.com/2013/01/24/bloomington-employees-pensions/
Maybe the biggest rip off to the pension system is the salary spiking done by retiring employees. Their pension is based on the much higher figure which includes the sick days pay. No where in the private sector are employees allowed to do this, but City employees regularly do it – great perk to the job. These aren’t just union offenders – former City Manager Tom Hamilton wins for the most abuse.
Remember Bloomington citizens: Any unfunded pensions YOU get to pay for. If the system runs out of money, it’s not the former employees who will suffer – it’s you!
Previous City Councils have refused to change the sick pay accumulation policies, mostly because the unions refuse to negotiate the issue. Evidently citizens need to make it happen, ask the candidates where they stand! Click on the pictures to enlarge, the salary graph may be easier to read. All information came from openthebooks.com
Examples:
I keep trying to forget the “good ole boy” deal that Hamilton got. The city council, including Hanson let this one nip them in the bud. Shame on them…they should have been doing their homework. The city had to buy another bond to cover early retirements…sad but true.