A Get What You Can Society
It’s difficult not to rub one’s eyes and look again:
Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.
That’s the culture, though: Whether left, right, or center, take what you can. For their part, lefties and unionists can hardly complain on principle, but only on scale. News from Tiverton:
Two senior officers in Tiverton’s police department have announced their imminent retirements. They are Deputy Chief Nicholas A. Maltais, 42, and Detective Sergeant Charles R. Mulcahy, 44.
Deputy Chief Nicholas A. Maltais will retire effective March 30, 2009. Although known for some time to have been considering retirement — he’s been with the department for 21 years — the timing of his departure now is in part related to pension reduction proposals outlined by Governor Donald Carcieri that would take effect April 1. That cutoff date is causing public employee retirements statewide. …
Deputy Maltais earns $67,322 annually. When he retires he will have 145 days of unused sick leave that the town will buy out in a lump sum for an estimated $38,000.
Sergeant Mulcahy, who could not be reached for comment, earns a salary estimated at $56,000, according to town budget documents. His unused sick leave, and the amount of any town buyout, are unknown.
Both men will draw pensions from the police pension fund that equal 52 percent of the average of their three highest years with the department. Deputy Maltais is entitled to approximately $35,000 annually.
If Maltais lives to be 80, his total payments will be $2,420,581, or $115,266 for each year that he worked. Forty-five percent of that number, $1,090,581, is due to cost-of-living increases. In the 38th year of his pension, the payment will be $104,482.90. (That strikes even me as a very high number, so please correct me if I’ve erred in my calculations.)
“I feel comfortable in my decision to retire at this time. I’m looking into other opportunities. I really value family and look forward to spending time with my two sons. This is time you never get back.”
Many a private-sector father knows the feeling, although most of us have no option but to watch the time slip away from behind our desks, our steering wheels, or our machine controls.