SFist Tonight
Week Around the Ists
SFist Tonight
Coming to you from dynamic duo Matier et Ross, our favorite platonic couple have word on what retiring San Francisco Police Chief Heather Fong will pull in annually after she vacates her position. Ahem:
When she leaves the Hall of Justice sometime this year, Police Chief Heather Fong, 53, will have 32 years under her belt - and will be pulling down about $229,500 a year for life.
In case you think you read that wrong, yes, that is "for life." This sweet deal is due in part, according to M&R, to voter-approved post-9/11 patriotism that allows retiring workers to receive retirement money "equal to 90 percent of their highest paycheck."
add to stumble upon
add to reddit
tweet this
post to facebook
Jeez, no wonder our city can't afford anything.
Could be worse:
"As pricey as the city's pension contributions may sound, retirement system chief Clare Murphy said San Francisco's burden is nowhere near as bad as those being shouldered by other cities and counties that negotiated their pension benefits without voter approval.
Statewide, the CalPERS system - which handles retirement for local and state employees - has 4,818 members earning annual pensions of $100,000 or more.
The highest-paid is Bruce Malkenhorst, who, as the former city manager of the tiny industrial town of Vernon (Los Angeles County), earned $600,000 a year.
His retirement pay: $499,674. Which he continues to collect, even as he's under indictment for allegedly stealing city money.
By the way, Malkenhorst's son, Bruce Jr., now has his dad's old job."
Wow! Early retirement?
I met Heather Fong twice. Last New Years she stopped my friend because he got too drunk and fell on the floor.
She should be a meter maid.
HA I love SF .... spending money they do not have
Assuming no major debts and a medium credit rating, a $229,000 yearly income would make Ms. Fong eligible for about a $750,000 mortgage. Barely enough for a 2BR out in the Sunset.
Legacy costs are a significant part of what is driving the Big Three automakers under. (Its also helped drive our domestic steel industry under)
I don't think its that far-fetched to suggest that the bloated California public pension system that lets highly paid workers cash out after 30 years is helping drive our cities under. She's 53 for Chrissakes. Out in the real world she'd be expected to work for another 10+ years before retiring. Assuming she lives to say 80, we are on the hook for paying her $230K a year for 30 years. That's $6.9MM. And nothing precludes her from working another job or consulting after she leaves the force.
Why in the world would Fong take on another job when she barely even did the one she had in the first place.
There has to be some kind of pension clawback. Every dollar earned in the private sector has to be one less dollar from the public teat. That might keep these "highly skilled" individuals out of the workforce, so it's a win-win. Y'know, like it is for the rest of us when we get laid off, "You get another job, you stop getting your severance, son".
The basic formula is "3% at 50". You get 3 X number of years percent of your highest year's pay with a minimum age of 50. Which is why you see people working preposterous amounts of overtime their final year. More gory details:
http://www.contracostatimes.com/ci_12047973
if gavin declares bankruptcy for the city, can we break all the pension contracts? we need to, asap!
All this brings us back to those pesky boomers. They took from their parents, now they want to take from their kids. It's a multi-generational reach-around. Cut 'em loose.
> It's a multi-generational reach-around.
I am strangely aroused.
I hate the boomers.
Actually, I think there are a lot of police making that much or more in retirement. It's a cheap shot to single her out.
But not ill-deserved.