The Taxpayer Funded Millionaires Next Door

 

 

 

A new report generated by data from the City of Phoenix and with the help of independent actuaries shows that taxpayers are on the hook for up to $183 million in retirement benefits for just the top 50 City of Phoenix. Phoenix City Councilman Sal DiCiccio released a report today showing the true cost of just 50 “public servants.”

 

While the average citizen of Phoenix struggles to save for retirement, 50 “public servants” will make millions in retirement from “public service.” These employees are walking away with over a hundred thousand in cash, huge annual pensions, and tens of thousands from city contributions to secondary retirement accounts.

 

For example, a City of Phoenix librarian was able to retire at the age of 58 and receive a pension of over $102,000 a year, a onetime payout of over $286,000 cash (for vacation and sick time, deferred compensation, and interest acrued from city payments to a secondary retirement account) – all courtesy of the Phoenix taxpayers. At the same time, the people who are funding that librarian’s retirement receive an average social security benefit of only $15,528 a year – and they aren’t able to collect that benefit until they are at least 62.

 

Findings at a glance:

• The overall cost of the 50 employees is $183 million which includes the spousal benefit, presumes the average life expectancy, and includes cash out payments and interest acrued on city payments to secondary retirement accounts.
• The average cash out at retirement is over $193,000
• The average age at retirement is 56 which is well below the national average

“This turns the notion of civil servant on its head – making the taxpayer the real servant,” Councilman DiCiccio said. “It is time for the Mayor and Council to get serious about pension reform. For years, the system has been gamed by insiders profiting from the goodwill of the public.”

 

DiCiccio cited the conflict of interest that created this problem. “City staff negotiate their own labor agreements, hire the attorneys that defend the agreements, prepare the reports defending those agreements, and consult with the Mayor and Council on those agreements. This would never be permitted in the private sector.” Said DiCiccio.  

 

To receive a copy of the report, please contact Sal DiCiccio's office at council.district.6@phoenix.gov. 

The Latest

Donald Trump elected president of the United States This is the result of what Hillary Clinton calls "Women's Health" Sing a Little Louder Matt Chandler-The Village Church - Abortion You never need a late term abortion to save a woman’s life Hillary Clinton: Ghoulish Abortion Queen

At Stake in the GPS Election: Controlling a Rogue Superintendent Lily Tram: Please Forget My Dismal Record as a GPS Board Member

Incompetent U.S. Congress ‘kicks can’ . . . and ‘passes buck’ to next President and Congress . . . Passes short-term spending bill to fund Federal Government thru Dec 9 Self-driving cars go public … Uber offers free rides in Pittsburgh U.S. Trade Deficit Expands to $45 Billion … helping China, Mexico at expense of America

Venessa Whitener’s $57 Million Oops Jared Taylor: Ron Bellus & Dawn Brimhall for Gilbert School Board “W” is for WORST!!! Legislative District 12 Republicans Endorse GPS/HUSD School Board Candidates – Fireworks Result

Gilbert School Board Denies Public Input On Budget Vote GPS Cost Analysis for 2013 Per School Gilbert Public Schools’ Payday Melee Continues – Employees Remain Unpaid Julie Smith Letter To GPS Superintendent And CFO Regarding Increased Disgressional Spending

Feds: 12 Detroit principals stole $1M in kickback scheme Bob Worsley's Anti-Parent Votes America's Biggest Scandal Colleges Churning out Hillary Clones

The Latest (cont.)

Judah Nativio: The Political Chameleon How To Tell Which Candidates Support Common Core Tutorial Common Core's College, Career, and "Citizenship" Ready Huppenthal Admitted Arizona Education Was Improving BEFORE Common Core

ISIS Recruiting Centers Near You TERRORIST ATTACK AT AZ POWER PLANT! The Arizona Terrorist You Never Heard Of: Abdullatif Ali Aldosary 80 percent of U.S. adults face near-poverty, unemployment, survey finds

National Pro-Police Rally Being Ignored By Biased Media Trump Supporter’s Answer To Progressive Goes Viral On Social Media

If you would like to get the latest news from EVNN,
just send an email to eastvalleynewsnetwork@gmail.com
and say "Sign me up" and you will receive
our daily news digest at your inbox.

national debt