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Worked 40 years - "hundreds of unused sick, personal and vacation days in addition to compensatory time and term leave, which grants village employees five days of pay for every year worked". Good for him. Don't be mad at him as he didn't draw up and approve contract. The people who were elected by the people did. Blame them.
Worked 40 years - "hundreds of unused sick, personal and vacation days in addition to compensatory time and term leave, which grants village employees five days of pay for every year worked". Good for him. Don't be mad at him as he didn't draw up and approve contract. The people who were elected by the people did. Blame them.
Oh I don't blame him at all. I would take it too lol! It just shows how insanely generous the tier 1 pension system is. And of course the morons who negotiated it are long gone probably living in FL or NC on NY state pensions of their own...
Oh I don't blame him at all. I would take it too lol! It just shows how insanely generous the tier 1 pension system is. And of course the morons who negotiated it are long gone probably living in FL or NC on NY state pensions of their own...
Is it common for 'Tier 1' folks to retire with one million dollar severance packages? Or is this so unusual it made headlines?
Is it common for 'Tier 1' folks to retire with one million dollar severance packages? Or is this so unusual it made headlines?
No it's not common. His payout was the result of his almost 300k salary combined with his 'high 3' (adding in his overtime etc and taking the average of his highest 3 years earnings) and then 40 years worth of unpaid leave and sick. Tier 1 employees have the least amount of restrictions when it comes to retirement payouts. The pension system has been reformed 5 times since then.
It feels like a Ponzi scheme that's about to collapse. I don't know what a collapse will look like, but I sense the end is near for this racket.
That's not even remotely true. I would be very surprised if anyone is earning like that anymore. The simple fact of the matter is that the Chief earned that money. He isn't stealing, he's not scamming, he's just retiring. Personally, I think he summed it up perfectly with:
Quote:
I spent 40 years in this police department; it was time I earned and you're paid for your time. What am I supposed to say, 'I don't want this?'? I didn't negotiate the contract."
No it's not common. His payout was the result of his almost 300k salary combined with his 'high 3' (adding in his overtime etc and taking the average of his highest 3 years earnings) and then 40 years worth of unpaid leave and sick. Tier 1 employees have the least amount of restrictions when it comes to retirement payouts. The pension system has been reformed 5 times since then.
His contract allowed him to purchase 40 years of untaken sick and vacation days.? I think that portion of his huge payout must be in his contract with the village and has nothing to do with being state Tier 1.
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