... which just happens to conveniently spike his pension for life.
Andrew Audet in the Coast News:
Denied a raise in 2010, Cotton resigned and began receiving a reported monthly pension of $6,454. Cotton had the good luck to be rehired as interim city manager by his friends at City Hall at a monthly rate of $15,000. His ability to “double dip” on taxpayers appears to have paid him $21,454 monthly or $257,448 annually. It seems the liberal spending of Stocks and Bonds made sure the position got a raise after all.
Opponents of big government spending were dumbfounded when Stocks, Gaspar and Bond placed special interests before public interests and approved Cotton the unearned “extra paycheck” he received in 2009 that “spiked” his taxpayer funded pension. Unlike his quarter million dollar deal which was voted on in public Cotton’s ‘extra paycheck’ was purposely kept from public debate and never voted on. The spin from Stocks, Gaspar and Bond is that 2009 had an “extra pay period” that supposedly happens once a decade. In liberally doling out our tax money the three want us to believe there were magically 54 weeks in 2009.
In justifying Cotton the unearned paycheck, the city attorney is quoted “if he worked the two weeks he should be paid the two weeks.” What two weeks? The two weeks never existed. Bond said, “He should be paid what he earned.” What Cotton worked was 52 weeks in one year. What Cotton had was a contract stipulating the “total annual base” salary he agreed to. What Stocks, Gaspar and Bond have given Cotton is an unearned extra paycheck exceeding his agreed to deal allowing him to spike his lifetime pension at taxpayer expense.
This whole "retire and come back as a highly paid temp" was just a ruse to get the raise and accompanying pension spike he wanted in the first place.
Wouldn't it be nice to have a city manager and city council members who were more concerned about managing the city well than lining their pockets and spiking their pensions?
These council clowns are all in collusion to maximize their pay outs on the public coffers. It is clearly evident that Encinitas is headed in the direction of bankrupt San Diego when it comes to attempting to fund ex-employees' lavish pensions. Soon the city will be strapped paying out multi-millions to just a few people, but the ranks will swell. Pension reform may have to be a referendum issue, as these individuals in office clearly have no intention to put limits on the wildly escalating obligations. Dump pensions altogether and go 401K - there will be takers for these jobs - guaranteed. Currently there is too much power in too few of hands - time to stop the pillaging of the city.
ReplyDeleteIt's time for a Cairo type protest at city hall.
ReplyDeleteBring down the forces of evil at city hall...NOW!