KWCH 12 Eyewitness News | Taxpayer group releases local officials' salaries and estimated pensions

By on February 24, 2012   /   Kansas, Press  
Findings from TUA’s pension project on Wichita, Kansas, are featured in this story from KWCH 12 Eyewitness News.

(WICHITA, Kan.)—Wichita City Manager Robert Layton, Police Chief Norman Williams, and Fire Chief Ron Blackwell are a just a few of the city employees Taxpayers United of America use as examples.

The group, based in Chicago, was in Wichita Thursday to bring awareness to public pension funds.
It wants the current system changed so new public employees pay into a private retirement system and current employees pay more into the system which it says is unsustainable.
“We want all of the current employees to put more in…10 percent more.  If they don’t the system will collapse and they will get nothing,” says Christina Tobin with Taxpayers United of America.
The group lists the top 25 “estimated” pensions of city, county, and state employees.  It wants Kansas to release the actual pension amounts of current and retired employees.
“We’re here to shed a light on the need for transparency in Kansas.” says Tobin.
Tobin says the group can only estimate pensions based on the state formula and 2010 salaries.
“We’re here to urge Governor Brownback to release the pensions with the names.”
The group would not disclose its donors.
It says it names employees to get attention and admits the numbers are only estimates and are at the high end.
“If I don’t see the names with the numbers I can’t relate to what they meet. Yes, we do intend to sensationalize the numbers and we intend to outrage taxpayers.  It’s the outrage with taxpayers that’s going to cause them to contact legislators and bring about change,” Rae Ann McNeilly, director of outreach with Taxpayers United of America.
It says it wants to introduce legislation in Kansas to change the current formula, but says it’s still searching for a lawmaker to sponsor the bill.
Attached are links of public employee salaries and estimates by Taxpayers United.  The group says it did not attempt to contact any of the employees on the list.
Below are formulas used by the group to estimate pensions:
For non-police/fire
((2010 Gross x 0.6125) x (24 years)
For police and fire
((2010 Gross x .80) x (30 years)

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Warren Buffett Crowned King Of Hypocrisy

By on February 24, 2012   /   Commentary, Latest  

Click here to view News Advisory as a PDF

CHICAGO–Warren Buffet is the king of hypocrisy and “should put a cork in it,” according to Jim Tobin, President of Taxpayers United of America (TUA). “I am sick and tired of seeing and hearing the swill expressed by this phony,” said Tobin.
“The expose by Peter Schweizer in the March 2012 issue of Reason magazine confirms in detail what I have suspected all along,” said Tobin. “As Schweizer points out, in recent years, Buffett has used taxpayer money to achieve even greater profit and wealth. Rather than the grandfatherly, honest-as-the-day-is-long character he projects, the success of some of his biggest bets and largest investments rely on government generosity, using taxpayer money.”
Buffett’s Berkshire Hathaway firms needed a bailout from the Troubled Asset Relief Program (TARP) more than most, according to Schweizer. The Berkshire Hathaway firms received $95 billion from TARP. “Berkshire held stock in Wells Fargo, Bank of America, American Express and Goldman Sachs, which received not only TARP money but also Federal Deposit Insurance Corp. (FDIC) backing for their debt, worth a total of $130 billion.”
Furthermore, Buffett received better terms for his Goldman investment than the government got for its bailout. His dividend was 10 percent, in contrast to the government’s 5 percent.
“Buffett should just shut up and go away,” said Tobin.

 More details can be found in Schweizer’s fascinating article at Reason’s website by clicking here.

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Government Hides Wichita Pensions?

By on February 23, 2012   /   Kansas, Latest, News Releases, Pension Reform  

WICHITA—Taxpayers United of America (TUA) today revealed government wages and pension estimates for Wichita and Sedgwick County.  Kansas government employees are not only receiving generous salaries, but when retired, many will become pension millionaires. Kansas officials refused to release pension figures, so the pension payouts are close estimates* for this report.
“What are Kansas lawmakers hiding?  Are they more concerned with protecting abusers, than reforming a system that holds taxpayers hostage?” asked Christina Tobin, TUA Vice President.  “The public, who voted them into office, have a right to know how their tax dollars are spent!”
“I have hand delivered letters to Gov. Brownback and each member of the Kansas Legislature, asking for transparency regarding individual pension amounts, as well as meaningful pension reforms that will be both fair and sustainable.”
“Private sector taxpayers are struggling in the ‘Great Recession,’ with an average income of $42,000.  The unemployment/underemployment rate (U6) is 15.1%.  The maximum Social Security annual payout is $22,000, regardless of how much one may have earned in their working career.”
Click the links below to view the estimated pensions and the letter to the governor and legislature.

(Click here to read the entire article…) →

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