breaking news

Magazine Covers

Magazine Covers

Magazine Covers

Magazine Covers

“It’s Corruption On Steroids” – A Look Inside The El Monte, California Public Employee Pension

January 1st, 2017 | by Richard Paul
“It’s Corruption On Steroids” – A Look Inside The El Monte, California Public Employee Pension
Politics
0

It’s worth paying attention these days to what is happening all around the world with pension funds as the great unwind maybe nearer than we think. Tyler Durden has a few precious words to advise.

 

“El Monte, California is a city of roughly 100,000 residents in East Los Angeles, many of whom struggle to make ends meet with a median household income of ~$39,000 and nearly 25% of people living below the poverty line.  But while most of the people of El Monte struggle to meet monthly expenses, the city’s public employees are living the high life courtesy of one of the most egregious taxpayer funded pension plans in the country.  Just ask the retired City Manager, James Mussenden, who told the LA Times that he gets paid $216,000 per year in retirement to tour the world on extravagant golf trips.

The retired city manager of El Monte collects more than $216,000 a year, plus cost-of-living increases and fully paid health insurance.

 

“It’s giving me an opportunity to do a number of things I didn’t get to do when I was younger, like travel to Europe, take some things off my bucket list,” Mussenden, 66, said recently. He even flew to Scotland to play the famed Old Course at St. Andrews, a mecca for golf enthusiasts.

 

Mussenden recognizes that few Americans have pensions anymore — least of all the El Monte taxpayers who are funding his retirement. So while he enjoys his monthly retirement check, he’s discreet about it.

 

“The guys I play golf with, they get very angry about my pension because they don’t have anything like it,” he said.

El Monte’s total retirement costs for public employees in 2016 totaled $16.5 million, or a staggering 28% of the city’s total budget. ”

 

full article here

Leave a Reply