Most premium pensions, such as public school teacher, are based upon 35 years of service and yield the retiree about 70 percent of their ending salary. The expiring police contract allowed officers to buy their military time, go out with 16 years and base their retirement upon their last 30 days, including overtime. As a citizen and candidate, I attended the contract hearings in 2005 and spoke with FOP officers. They estimated probably about 12 officers would retire under Afflerbachs' plan, no more than 20. I believe about 80 officers have left the force in the last 47 months, with many receiving way over their base pay in retirement. I've been told the most harmful element of that contract, for the taxpayers, was the 30 day clause. Most such contracts are based on the last 3 years, or at the very least, the last 90 days. The new contract STILL HAS THE 30 DAY CLAUSE, but with a cap of 10% above base. Regardless of any projections, the taxpayers must assume a large part of the existing force will retire with a pension of 110% of their base salary. New officers hired after Jan. 1, will conform to state standards in pension, and the 20 year rule without buyout has been reinstated. The administration will allow existing officers between now and the end of the current contract, Dec.31, to qualify for the no cap pension and still remain working until they decide to actually stop working. Would you continue working if you could retire and receive more? These observations are based upon a report in today's Morning Call by Jarrett Renshaw.
UPDATE: Scott Kraus, on the Morning Call's Queen City Blog, suggests that the last time City Council interfered with the police contract the result was a disaster. I agree about that result, but never the less, Council must always be willing to intercede if necessary, to protect the interest of the taxpayers.