Mike Madriaga 12:40 p.m., May 25
And Here Are Employees Who Bought Years They Didn't Serve
In 1996 (the same year the City tapped the retirement fund to finance the Republican convention), the City of San Diego enacted a purchase-of-service credits plan. Employees could buy years of service and grab those hyper-generous benefits without having been on the payroll. For six years, the employees were able to buy those credits very cheap. The years weren't priced at actual cost. The mistake was discovered in 2003, but the City then gave the employees several months to buy in at the old, actuarially fallacious rates. Obviously, employees piled in, snapping up more than 8,000 years of service -- costing the City $146 million.
So here is the list of City employees who bought the benefits for years they didn't serve: former Mayor Susan Golding 5 years; former City Attorney Casey Gwinn 5; former City Manager Michael Uberuaga 5, and former portfolio manager for the City pension fund Doug McCalla (who is getting $14,537.06 a month in pension) 5 years.
Also grabbing at the purchase-of-service windfall were employees who were indicted on state and federal charges for various offenses, but got off the hook: Lawrence Grissom, 5 years; Loraine Chapin 5; Mary Vattimo 1.83; Ron Saathoff 3.58, and Teresa Webster 5.
Finally, former councilmembers snatched up the full five years: Juan Vargas, Harry Mathis, James Madaffer, Ralph Inzunza, Michael Zucchet and Bria Maienschein.
More like this:
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- Aguirre Says State Regulation of Municipal Pension Plans Almost Non-Existent; Calls for Federal Regulation — Feb. 23, 2008
- Workers Dealt Hand That’s All Aces — Jan. 30, 2008
- EEEK! — Jan. 27, 2005
- Pols Wanted to Give Candy to Unions — Oct. 28, 2004