Mayor Gary McCarthy traveled to Carl Olsen's home around Christmas and quietly presented his former general services commissioner with a key to the city. Olsen didn't want anything big to mark his departure from city employment.

Not long before that, Olsen, who resigned his city job in late October at age 55 to become director of operations at Empire State Plaza, received something more lucrative from the city: a roughly $94,000 lump sum payout for unused personal, vacation and sick time he had accrued during his 23 years of employment.

The nearly six-figure compensation, along with the $89,360 pro-rated yearly salary Olsen earned, made him the highest-paid municipal employee in 2014, according to city payroll records obtained by the Times Union under a Freedom of Information Act request.
http://www.timesunion.com/tuplus-local/article/City-salaries-top-six-figures-6039483.php

gee lets see...our mayor collects about $200.000 a year with salary and pension combined....makes almost as much as the vice president of the united states!!!!!  

Let's see what the cheerleader for the mayor has to say about this.   Double dipping mayor,

And he NEVER made Olsen pay city taxes but could lavish him with all kinds of taxpayer money.


Oh, we know the mayor's BIGGEST (in more ways than one) will NEVER address this STEALING from the taxpayers in the city

Quoted from rpforpres

Mayor Gary McCarthy traveled to Carl Olsen's

...


The nearly six-figure compensation, along with the $89,360 pro-rated yearly salary Olsen earned, made him the highest-paid municipal employee in 2014, according to city payroll records obtained by the Times Union under a Freedom of Information Act request.
http://www.timesunion.com/tuplus-local/article/City-salaries-top-six-figures-6039483.php

Ah, let's see if the Gazette publishes this.

Just more cover-ups from the dem party and the mayor

A key to the city for a non-resident. A non-resident who needed to take a free truck home with him, because he was "on call". A) so what? B) Bull$chitt.
A non-resident who couldn't find a house in Schenectady without stairs (see B) above).
A non-resident who couldn't quite figure out the whole recycling thing, or the snow-plowing thing either.
Carpetbaggers working together works for carpetbaggers.

Mayor made 100k, only 81st on the list. Man, think of the pension bills.

Quoted from Dirt2

Mayor made 100k, only 81st on the list. Man, think of the pension bills.

Yup.  You hit the nail on the head.  The politicians and unions will cite the Tier 5 and how it will be a savior but the measly 3% Pension Contributions will be nothing to help this Pension Bomb from exploding.   As soon as the stock market tanks again the city's contributions will balloon again.  

So if a young person wants to buy a house in Schenectady, they will be paying for services rendered before they were born, and paying for (nearly nonexistent) services rendered now.
Sounds fair to me. I wonder why the kiddies aren't snapping up the "affordable" real estate McCheese has been hawking? I know - they are just waiting for the subsidized apartments to finish going up. Oh wait, what's that? The subsidized housing won't have low rents? WHAT? How does that work?

not just about contributions, it also restricts the amount a pension can be increased through overtime.  and, some pensions take a hit a age 62, when they become eigible for social security.

paying it forward/backward and sideways.......  

Quoted from visitor

not just about contributions, it also restricts the amount a pension can be increased through overtime.  and, some pensions take a hit a age 62, when they become eigible for social security.

So maybe you can tell me what other things that are in the contract?  Like when all these Tier >5 people start to retire and the "incentive" to have overtime is lessened due to the $15,000 cap will we have an issue with them burning through the $15,000 OT early in the year and then  saying they don't want to work any more OT?  Just a thought.

TiB

It's not contractual, it's the state pension system.  Actually, the bigger hit is when they hit 62 - they calculate what their primary social security benefit (SSI from police, fire etc. job)is (would be), and reduce their pensions by 50% of that amount.

RE: not working more OT.  That is doubtful.  What would happen is that they would have the opportunity to put the earnings exceeding $15k into their 457 (analogous to 401k Plan). This would have been the better plan all along, less burden on taxpayer and opportunity for employees to manage their retirement accounts (though investment choices) to get the higher return on their investment.  It does carry the risk of loss though, so employees have to be educated and responsible.  

Quoted from visitor

TiB

It's not contractual, it's the state pension system.  Actually, the bigger hit is when they hit 62 - they calculate what their primary social security benefit (SSI from police, fire etc. job)is (would be), and reduce their pensions by 50% of that amount.

RE: not working more OT.  That is doubtful.  What would happen is that they would have the opportunity to put the earnings exceeding $15k into their 457 (analogous to 401k Plan). This would have been the better plan all along, less burden on taxpayer and opportunity for employees to manage their retirement accounts (though investment choices) to get the higher return on their investment.  It does carry the risk of loss though, so employees have to be educated and responsible.  

Thanks for the information.