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Davenport Iowa: Government Pensions Top Secret

Davenport Iowa: Government Pensions Top Secret

DAVENPORT—A report released today by Taxpayers United of America (TUA) reveals salaries and top pension estimates for the government employees of the city of Davenport and Scott County. These government employees are not only receiving generous salaries, but as retirees, many will become pension millionaires. Iowa bureaucrats refuse to release pension figures, so total pension payouts were estimated* for this report.

“One really has to question why Iowa lawmakers keep individual pension information in a shroud of secrecy. Prohibiting public review of this information sends a message to taxpayers that lawmakers are more concerned with protecting abusers and double-dippers than imposing adequate reforms on a system that holds taxpayers hostage,” said Christina Tobin, TUA Vice President.

“Davenport and Scott County taxpayers struggle through this recession with average wages of $36,000 while government employees really rake it in for as many as 30 years of retirement.”

“Davenport’s City Administrator, Craig Malin had annual gross wages of $221,526 and looks forward to an estimated annual pension starting at $143,992 with an estimated lifetime payout of $4,031,768.”*

“The Chief Information Officer of Davenport, Robert Henry had annual gross wages of $147,687 and will enjoy a starting annual pension estimated at $95,997 and a lifetime estimated payout of $3,551,872.”*

“Scott County government employee, Diana F. Bruemmer grosses $165,488 annually which will afford her an estimated annual pension of $107,567, accumulating an estimated $3,011,882 over a normal lifetime.”*

“Michael James Walton of Scott County government had gross annual earnings of $129,900 with an estimated lifetime pension payout of $2,364,180 from his annual estimated pension of $84,435.”*

“Iowa government pension systems are making millionaires out of public employees at taxpayer expense. Although some reforms have been made to the Iowa government employee pension systems, additional reform is critical. Ending pensions for all new government hires and replacing with social security and 401(k)s would eventually eliminate unfunded government pensions. If current government employees increase contributions toward his or her pension, taxpayers would save billions of dollars. We need to knock all politicians out of office who make deals with bad government union bosses and bad corporate power brokers at the expense of the taxpayers.”

*For Police and Fire employees 30 years with retirement at age 55; for others 35 years retirement at age 62; assumes dividend (COLA) averages 1.5% per year; assumes current salary is same as retirement salary; Est. Total Pension Payout 30 years at age 55, 24 years at age 62. 6. Est. Total Pension Payout does not include Soc. Sec. payments if any; P&F pay 8.94%, others 4.5% plus 6.2% Soc. Sec., P&F max. 82% after 30 years, others 65% after 35 years; SS wages were covered up to the federal limit of $245,000 for calendar years 2010 and 2011 or max. pension of about $159,000.

Click to view the release as PDF.

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2 Comments

  • Posted January 26, 2012

    Pam D

    These pensions are just the tip of the iceberg. Add in State, teachers, etc., etc.

    Why not publish how much the PEOPLE on the list contribute to their pensions.

    This must stop. It’s a pyramid scheme and down the road no taxpayers can afford to pay these ridiculous pension. I say the city should declare bankruptcy and defund the pension…doubt that would work, but geeze.

    People laughed at Glenn Beck when he was on Fox..he warned about pensions and now it is breaking and will continue to break the back of taxpayers. Something MUST be done. We do not have pensions like this yet we pay for THEIRS and our own if we are lucky enough to be able to have a pension of any kind.

    • Posted January 27, 2012

      My Name

      Nothing will make you change your mind, why should one bother, but hey, perhaps if you are upset that “We do not have pensions like this” then just perhaps you might want to become a firefighter, a policewoman, a teacher, or any other person on the list that appears to get SO MUCH for a life of SERVICE.

      this website appears nothing more than a Koch Brother’s front for undermining the social services necessary for a thriving democracy… it is ANTI-American!

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