By: Diane Benjamin
I was looking for something else when I came across this again on my computer: http://www.chicagotribune.com/news/watchdog/ct-municipal-pension-padding-met-20150816-story.html
The story is from August 2015. It is where we found out for the FIRST time that City employees were allowed to spike their pensions, and then taxpayers had to make additional payments to IMRF (the retirement managers) to cover the increased costs.
Bloomington’s own Emily Bell took the State prize for costing taxpayers the most: $358,000.
She just happened to be the head of HR, so she knew how to spike.
Later we found out the Council never approved the payments that had been made via Wire Transfer because wire transfers had been left off Bills and Payroll reports for more than a year. (draw your own conclusions)
If you still don’t understand the hoops employees must jump through to get the spike, this part of the article describes the procedure:
Here’s the part that applies to Bloomington:
Note the last line!
Nope, nothing has changed. Taxpayers are still the suckers thinking government has their back.
One more note: Those same HR people who creatively gamed the system to get bigger pension payments are the same ones who set up the gold-plated health care coverage for employees!
Maybe outsourcing should start with HR!
Where else can you configure your own benefits?
Why are they allowed to cause great harm to taxpayers?