By: Diane Benjamin
Bloomington changed the pension spiking policy for all new hires after they became liable for the increased cost – that was in 2012.
The policy has not been changed for existing employees. Why should any person be entitled to a pension they didn’t earn?
Employees are getting paid months before they retire for accumulated sick leave. This makes the pension fund (IMRF) think their ending salary was much higher than it really was, therefore the monthly pension is calculated on the big ending salary while the City never paid to fund it. That’s where the accelerated payment penalties are issued and taxpayers get fleeced again. The first time was allowing accumulating sick days in the first place.
Instead of just telling employees they will be paid as they walk out the door, the City continues to allow this game playing at your expense.
See this quote in the Chicago Tribune from David Hales: http://www.chicagotribune.com/news/watchdog/ct-municipal-pension-padding-met-20150816-story.html
Like no Coliseum oversight?
By the way, this article is from 2015.
Hales must not have gotten all his priorities done before he left in 2017.
This is more proof government exists for government employees – not you!