Camille Cates Barnett will get nearly $50,000 annually from the city pension fund for the rest of her life after June 30, when she leaves her post as Philadelphia's managing director after two years, five months, and 24 days.
On the same day that a City Council committee moved to close the loophole that allows short-time employees such as Barnett to buy credit in the city's pension fund based on public service elsewhere, the Board of Pensions and Retirement revealed that Barnett had done just that.
Barnett has paid $122,303 to become vested in the pension plan, according to the Mayor's Office and the Pension Board, a privilege unionized employees are entitled to only after serving five years.
She had already made some payments toward the buy-in this year, and paid the balance of $106,564 on April 15.
Bankrupting a municipal pension?
Now that's "progressive"!
1 comment:
"Bankrupting a municiple pension?"
Bullseye, Gordon. This story demonstrates more than anything how government has changed from a provider of basic services to something to be fleeced. Who gets screwed by this unethical structure? The citizens who one day will lose services and government workers whose pension fund will someday no longer fund any pension whatsoever.
Why is the media not jumping up and down on this?
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