2006 Secret Amendment Cause of Massive Deficit
The International Association of Firefighters (IAFF) executive board was rocked by news at its recent meeting that their pension system requires an immediate $2 million dollar bailout; one of possibly many, in order to remain solvent.
Plan documents show that liabilities have skyrocketed from $65,000,000 to over $87,000,000, an astonishing 33% increase.
At the same time, the funding target percentage has tanked in a single year from 84.25% to just 66%.
How and why?
Auditors discovered a secret pension enhancement, known as “Amendment 6”, created by Harold Schaitberger in 2006, which allowed for the collection of benefits at age 53 without an early retirement penalty.
Sources say it was enacted without the specific approval of the executive board after it was hidden in a committee report as a no-cost technical amendment.
They also report that the secret pension enhancement was apparently made retroactive to 2002, two years after Schaitberger was elected at, you guessed it, age 53.
Those with pension experience know that enhancements are seldom if ever retroactive, except in the world of Harold Schaitberger.
Such retroactivity could have allowed Schaitberger to receive tens-of-thousands of dollars of pension benefits improperly in what can only be described as a brazen money grab.
In addition, while receiving a current salary of approximately $330,000, plus expenses, Schaitberger has been double-dipping a $100,000 pension for twenty years which the 2006 secret amendment made much more valuable.
The executive board says they were not aware that Schaitberger has been double-dipping.
Now that they know, what will they do about it?
Schaitberger’s secret shenanigans have been exposed and the bill is due.
Why, IAFF members, of course.
Call/text your IAFF district official or email him to demand the corruption end now before our union is completely destroyed.
New York, New Jersey: email@example.com
Iowa, Kansas, Missouri, Nebraska: firstname.lastname@example.org (314) 393–9755
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(612) 290–8015 (Cell)
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(303) 619–2462 (Cell) (303) 988–0177 (Home)
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(213) 507–6317 (Cell) (213) 485–2091 Ext 1 (Office)
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(202) 360–1318 (Cell)