Can there be a better job than
Assistant Fire Chief in the town of Stratford, Connecticut? Buried inside the
Connecticut Sunday Post yesterday was a very well researched article by
Brittany Lyte on the recent retirement of Stratford’s Assistant Fire Chief,
Thomas S. Murray, whose pension will be $122, 850 per year for the rest of his
life.
Incredibly, Murray is only 48
years old and the pension represents a 36% increase over his annual salary of
$90,598. Pensions were originally intended to provide income for employees when
they were no longer able to work. Murray is retiring at the prime of life
almost 20 years before most of the taxpayers of Stratford will be able to
collect their Social Security benefits.
A pension plan that would enable
an employee to retire at age 48 on half pay is generous enough, but to take
early retirement on more than 100% of pay boggles the mind. Moreover, the cost
to the Town of Stratford is enormous. To get an idea just consider that at 4%
interest it would take about three Million dollars to provide an annual income
of $122000. Of course, this does not take into consideration the present value
of future cost of living increases.
The article went on to note that
Murray’s case was just one of many. Murray’s wife, former Assistant Fire Chief
Ellen Murray, had retired two years earlier with a pension of $92050 per year,
also in excess of her $87959 final salary. She currently serves in Naugatuck as
Deputy Fire Chief at an annual salary of $68000. A police captain retired in
2008 with a pension of $134525 per year, about 160% of his final salary. More
than half of the 71 town employees who retired in the past 5 years “are earning
more or nearly the same amount of money in retirement than they did from their
former base pay.”
How could this happen? Obviously,
the firefighter’s pension plan allows top ranking employees to load up on
overtime in their last years of service in order to increase their pension
benefits. One wonders if the Town’s negotiators were just stupid, or whether
they were shrewd enough to realize that every perk they gave to firemen and
policemen would also go to them and their families.
In any event, the Town of
Stratford is now contractually burdened by these overly generous pension
provisions. Currently, it would appear that the Town is fighting the attempt of
former Assistant Chief Murray to increase his pension even further through a
Workman’s Compensation claim. The Town might also want to investigate the
overtime allocation policies of its Police and Fire departments.
Finally, the first step in Pension
reform throughout the State would be to remove all elected officials and
political appointees from participation in these Pension plans. Otherwise, they
will have no incentive to reform the system. ###
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