Transit worker made 461k last year in NY

[Mathguy]

Originally Posted by Grlzrl

They do the same thing in Chicago/Illinois.

Yes. We've had threads like this before which is why I was caught off guard by people claiming that's not how pensions work. I should have documented that in the starting post but thought it was widely known so that's my bad.

So this worker, even assuming they're on the 3-year average formula and weren't grandfathered into something else could be looking at:

Normal salary 117k (it was something like that) for 2 years and one year at 461k then a benefit of 50%.....sooo, 232k x 50% = 116k.

And voila, the worker will make as much in retirement as they did when employed full time.

Anyone here care to guess if they've got any political connections....lol.

[Milton Miteybad]

Originally Posted by skeddy

the guy was averaging $1000 a day in overtime for every day of the year. lol

Nice work...if you can get it, as they say.

[Mathguy]

Originally Posted by Milton Miteybad

Nice work...if you can get it, as they say.

Yeah, I loved the woman doctor quoted in the article angrily saying...."He makes more than I do."

[travis t]

Originally Posted by Mathguy

https://nypost.com/2019/04/23/mtas-t...ime-last-year/

Guy racked up 3x his normal salary in overtime and then retired.

This has been a long standing trick for workers whose robust city pensions use their highest year or something similar pay to determine their retirement income.

So instead of 50% (for example) of the 114k he was making, the NY tax payers now get to pay him more like 230k a year or about double his previous annual salary because he poured on the overtime. (allegedly)

Big political heat over this in NY since their subway system etc. is in dire need of upgrade and they are hiking fares etc.

P.S. I'd heard of this before and that loophole was supposed to have been closed. Oh well, that's their problem.

Public sector unionism for you. A few years back we had not one but two King County (Seattle) sheriff's deputies convicted of murder and collecting their cop pensions from a prison cell. One of them claimed that he was disabled and not able to work as a cop due to depression over his conviction. Never mind that he was serving a life sentence. The pension board agreed, and awarded him a disability pension.

Disability pensions, unlike normal pensions, are exempt from federal income taxes.

Also a few years back there was a NY-area firefighter on disability pension due to upper respiratory problems. It came out that he was running and winning numerous long distance races. He continued to collect his pension, but took his 'athlinks' (site that reports running results) private.