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Work one day for a union, quit and get a $158k/year pension til you die

J

JS80

Lifer
http://www.msnbc.msn.com/id/44626194/ns/us_news-life/

Former president of Chicago Federation of Labor, city officials defend payout as legal

msnbc.com news services
updated 48 minutes ago



A retired Chicago labor leader has secured a $158,000 public pension — roughly five times greater than what a typical retired public-service worker in the Windy City receives — after spending just one day on the city payroll, local news reports said.



According to The Chicago Tribune, Dennis Gannon stands to collect approximately $5 million in city pension funds during his lifetime. He now draws the pension while working for a hedge fund, the Tribune reported.

Gannon, former president of the Chicago Federation of Labor, was able to take a long leave from a city job to work for a union and then receive a city pension based on a high union salary. That arrangement is allowed under a state law signed by Gov. Jim Thompson on his last day in office in 1991, according to an investigation by the Tribune and WGN-TV.
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Must be nice to be in a union.
 
I wonder why IL is in such a shit place with their budget. I'm sure the Governor didn't receive anything in return for that little law.
 
So who proposed the language that allowed this into the signed in law, who actually added it, who knew about it, and finally who voted for it (we know who signed it)?

It's those peoples fault, not this guy. This guy is making coin all legal like (even though it's wrong), don't blame him...
 
This sounds like it isn't the union but the way the law is written that he found the loophole. He actually did work for the city for a long time, and it sounds like he would have probably had pension anyway. But found a loophole to make his pension much higher than it should be. This is a problem with how the law is written it looks like to me.

Also this is Chicago which doesn't have the best reputation for local politics.
 
Illinois is a mushroom cloud waiting to happen. The fact that the million or so unemployed residents of Illinois are not literally marching into and onto Chicago city hall is what amazes me. Thoroughly disgusting.
 
sm625 said:
Illinois is a mushroom cloud waiting to happen. The fact that the million or so unemployed residents of Illinois are not literally marching into and onto Chicago city hall is what amazes me. Thoroughly disgusting.
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They're marching into Sams and buying multiple packages of ribs with their Links cards yo...
 
This has nothing to do with Unions and everything to do with returning favors. Oh I forgot to mention the Gov that ok'ed the deal was a Republican...how's that for irony 😀
 
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sm625 said:
Illinois is a mushroom cloud waiting to happen. The fact that the million or so unemployed residents of Illinois are not literally marching into and onto Chicago city hall is what amazes me. Thoroughly disgusting.
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You'd think with the sheer volume of scumbag politicians that have come out of that city it would have burned to the ground a long time ago.
 
xj0hnx said:
You'd think with the sheer volume of scumbag politicians that have come out of that city it would have burned to the ground a long time ago.
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Therein lies the problem...the scumbags "come out" of that city. If they just stayed there it would have burned along time ago and a new sprout would have sprung already.
 
To think dmcowen420 more than likely voted for the people that put this law in place. Looks like another thing for the Illinois AG to look into beside people getting carded for buying vinegar.
 
I am shocked that the goverment is wasting millions of dollars on a kick back. If this was a private industry people would be heading to jail. In government it is business as usual. Just another way they waste peoples hard earned tax dollars.
 
quest55720 said:
I am shocked that the goverment is wasting millions of dollars on a kick back. If this was a private industry people would be heading to jail. In government it is business as usual. Just another way they waste peoples hard earned tax dollars.
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I'm not going to defend this sweetheart deal but your statement about private industry is full of crap. Private industry has the same power to grant huge pensions-look at all the multimillion dollar golden parachutes CEOs get once they wreck the company-Home Depot, for example.
 
One of corporate America's shining star's gets $25 million for 3 months of work: http://blogs.wsj.com/deals/2008/12/22/merrill-lynchs-peter-kraus-collects-25-million-then-resigns/

Oh, wait - that's right. This thread is about bashing the unions. Plus, Peter Kraus is a rich white male; someone you swine fingermen would enjoy licking his ass clean.

Also, he is known as the man who let $126 billion leave from the company he is a CEO of; http://www.bloomberg.com/news/2011-...ceo-kraus-fails-to-stop-fund-redemptions.html

And, he gets paid $52 million a year at this latest company.

There is a raging fire over there, yet you choose to "fight" a smoldering cigarette butt over here. Good job gents - you're doing an effective and bang up job.
 
Macamus Prime said:
One of corporate America's shining star's gets $25 million for 3 months of work: http://blogs.wsj.com/deals/2008/12/22/merrill-lynchs-peter-kraus-collects-25-million-then-resigns/

Oh, wait - that's right. This thread is about bashing the unions. Plus, Peter Kraus is a rich white male; someone you swine fingermen would enjoy licking his ass clean.

Also, he is known as the man who let $126 billion leave from the company he is a CEO of; http://www.bloomberg.com/news/2011-...ceo-kraus-fails-to-stop-fund-redemptions.html

And, he gets paid $52 million a year at this latest company.

There is a raging fire over there, yet you choose to "fight" a smoldering cigarette butt over here. Good job gents - you're doing an effective and bang up job.
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Nice try...

Too bad none of the shit you posted has to do with the public's money.
 
Apparently it is a city law that allows people who are on LOA to still draw a pension. And the pension amount is based on their pay from the union, not the city.
 
There are lots of plush pensions - both union and non-union - out there which are paid for by tax dollars.

A guy I know worked for a public transit agency in a middle management job for 20 years. He then was able to retire with full medical for life and a $50,000 a year pension... at age 45. He will no doubt collect more as a retiree than he did while actually working there.

From what it looks like to me, the publicly-funded unions demand and usually receive very generous benefits in return for supporting the incumbent politicians. Easier to give out big benefits than to increase salaries, since salaries are always where the spotlight is shining. Then the non-union people at the same agencies are given similar benefits to maintain equity.
 
kranky said:
There are lots of plush pensions - both union and non-union - out there which are paid for by tax dollars.

A guy I know worked for a public transit agency in a middle management job for 20 years. He then was able to retire with full medical for life and a $50,000 a year pension... at age 45. He will no doubt collect more as a retiree than he did while actually working there.

From what it looks like to me, the publicly-funded unions demand and usually receive very generous benefits in return for supporting the incumbent politicians. Easier to give out big benefits than to increase salaries, since salaries are always where the spotlight is shining. Then the non-union people at the same agencies are given similar benefits to maintain equity.
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What party gets more support from Unions? Also.... this is why public CBA's need to be reviewed and tightened up. And done from a third party. It's easy to give out pensions and raises when it's not your money...
 
lols @ the idiots who want to keep compounding on the issue instead of just making it easy. salary capping all public employees, then it's settled. while they work they can make so much and when they reach their pension payout time they can retire and get a modest pension. assholish fucks who think they deserve more just because they are "public servants", that shit is SERVANT fucks you work for us and I don't know of any servants that make more than their masters.
 
quest55720 said:
I am shocked that the goverment is wasting millions of dollars on a kick back. If this was a private industry people would be heading to jail. In government it is business as usual. Just another way they waste peoples hard earned tax dollars.
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Sure, because corporate white collar criminals never get away with anything, and when they're caught, they face such harsh penalties. It's only government that is the problem in this society. Never anything else.
 
Thump553 said:
I'm not going to defend this sweetheart deal but your statement about private industry is full of crap. Private industry has the same power to grant huge pensions-look at all the multimillion dollar golden parachutes CEOs get once they wreck the company-Home Depot, for example.
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I literally laughed out loud when I saw your quote. The private sector has scammed trillions from us, and who has gone to jail for it?

This sounds like a travesty that needs to be fixed, but it pales in comparison to 'the private sector'. Wall Street recently paid $150 billion in executive bonuses from tax $.
 
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