Wednesday, June 27, 2007
Retirement planning, Baltimore style
Following up yesterday’s posting on the sweet pension deal that our new head of the Maryland Transportation Authority received from the City of Baltimore. Apparently this has been an ongoing story for a few days up in Baltimore and The Examiner has a pretty good summary of the case, complete with links to applicable documents. Pension board to review possible abuse - Examiner.com
Here’s the contract that then-Mayor Martin O’Malley signed which Mr. Brown somehow envisioned qualified him for an early pension.
Here’s what now-Governor Martin O’Malley has to say about Mr. Brown relying on that contract to qualify for the early pension:
“…[he]said he was not involved in the decision to award it. "I think it was something between [Brown] and the police commissioner," he said.” Pension For Police Appointee Debated - washingtonpost.com
To reiterate: Marcus Brown worked for the city for little more than 14 years; the City credits his prior time in San Jose to get him over the 15 year mark, he quits to take a better-paying job with the State, an apparently cash-flush Baltimore awards him a $55,000 a year pension.
Like I wrote earlier, Where do I sign up?
Here’s the contract that then-Mayor Martin O’Malley signed which Mr. Brown somehow envisioned qualified him for an early pension.
Here’s what now-Governor Martin O’Malley has to say about Mr. Brown relying on that contract to qualify for the early pension:
“…[he]said he was not involved in the decision to award it. "I think it was something between [Brown] and the police commissioner," he said.” Pension For Police Appointee Debated - washingtonpost.com
To reiterate: Marcus Brown worked for the city for little more than 14 years; the City credits his prior time in San Jose to get him over the 15 year mark, he quits to take a better-paying job with the State, an apparently cash-flush Baltimore awards him a $55,000 a year pension.
Like I wrote earlier, Where do I sign up?
