Here's the first part of this amazing story from MSNBC.com:
"A labor leader in Chicago is expected to receive pension payments of nearly $500,000 a year, while another could get about $438,000 a year. The Chicago Tribune and WGN-TV, which obtained information about union pension benefits during a joint investigation, said at least eight union officials in Chicago were eligible for what were described as inflated city pensions on top of union pensions for the same period of employment.
The Tribune said the official who was expected to get about $438,000 a year would do so from three pensions covering the same work period: a city laborers fund, a union district council fund and a national union fund. It said an analysis showed that this 59-year-old union official, Liberato "Al" Naimoli, would get a total of about $9 million if he lived to his expected lifespan. The Tribune said the joint investigation with WGN-TV found that Naimoli, president of Cement Workers Local 76, was receiving a city pension of about $158,000 a year. It said his city pension was based on his union salary.
Naimoli, who retired in 2010 from the $15,000-a-year city job, is also now eligible to receive a pension of about $60,000 a year, the paper said, from the Laborers' Pension Fund for Chicago and Vicinity. He also will become eligible for payments of about $220,000 a year from a third pension, provided by the national union, LIUNA, on his 60th birthday next year. The Tribune said he had not worked his $15,000-a-year job with the city for a quarter of a century.
Naimoli, who retired in 2010 from the $15,000-a-year city job, is also now eligible to receive a pension of about $60,000 a year, the paper said, from the Laborers' Pension Fund for Chicago and Vicinity. He also will become eligible for payments of about $220,000 a year from a third pension, provided by the national union, LIUNA, on his 60th birthday next year. The Tribune said he had not worked his $15,000-a-year job with the city for a quarter of a century.
Another official, Charles LoVerde III, a former trustee of the city laborers' pension fund, stood to receive three pensions for the same time period totaling nearly $500,000 a year, the investigation found. The Tribune said he took leave of absence in 1998 from a job with the city's water management department, which paid $44,000 a year, to work full time for the local."
"Chicago and Illinois are facing financial trouble, in part due to pension shortfalls. On Tuesday, state Sen. Mark Kirk released a report on Illinois' debt that said it had the worst credit rating of any state and that its debt was rising. Kirk said the state was nearly insolvent and said he doubted there would be any help from Washington."
MP: Where are the protestors, shouldn't they be out rallying against "excessive union pensions," "triple-dipping in the public sector," "labor leader greed," "union greed", etc.? Thanks to Aorod in the comments for suggesting this.
HT: Bob Wright
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