Posted on 08/11/2021 11:49:47 PM PDT by Oshkalaboomboom
Gov. Andrew Cuomo’s fall from grace will come with a nice golden parachute in the form of a $50,000-per-year lifetime pension that he will remain eligible for despite his resignation — provoking outrage from the disgraced executive’s critics.
The windfall for Cuomo, who announced his resignation on Tuesday in the midst of a sexual harassment scandal, is coming because he has accumulated 15 years of state service thanks to his 11 years as governor and four years as attorney general, a pension expert said.
“So if you’re wondering, without a felony conviction and several other steps, Cuomo would be eligible for his full pension, at taxpayer expense, for the rest of his life,” said Tim Hoefer, president and CEO of the Empire Center for Public Policy.
The Empire Center crunched the numbers based on Cuomo’s annual pay and years of service and estimated he would be eligible for $4,222 a month in retirement income or $50,662 a year for the rest of his life.
Currently, a public official could have his or her pension reduced or revoked if convicted of a felony under the “Public Integrity Reform Act” approved by Cuomo in 2011, his first year as governor.
But resignation for wrongdoing or impeachment does not trigger a claw-back of a public official’s pension.
(Excerpt) Read more at nypost.com ...
Carl Campanile is dumb. https://nypost.com/2021/08/12/ex-nyc-mayor-rudy-giuliani-says-andrew-cuomo-will-resurrect-himself-after-resignation/
“Giuliani — who was recently disbarred himself for making false statements in connection with Trump’s false claims of voter fraud — told the station.”
He met the requirements. There is no morality clause in pensions. If he’s found guilty of a felony then he could lose the pension. Otherwise, he’ll get it. Works that way for most government pensions.
$50,000 per year. That is so low. Not trying to skip your point but that is a really low state pension as pensions go. Mid-level school administrators are retiring with pensions of $150,000 a year.
That was the hook the convinced him to leave. DOn’t leave and get impeached and lose your pension.
I am surprised that it is so low.
I think it is missing a zero!!!
Most private sector jobs now have $0 pension. If you don't save on your own you're screwed when you get too old to work.
It probably includes medical benefits as well. Here in my county in NJ a guy just lost a $60,000 pension for taking a $300 bribe. While the enemedia tried to portray that as excessive punishment, that was just the one he was caught with...
If he is impeached and convicted he does lose that pension.
You can't impeach a civilian
An impeachment trial will open EVERYTHING up to investigation.
It’s also a very small prics to pay to get rid of him. I am sure if there were public donations to force Cuomo out of office, they would collect millions.
In other words: he’ll be crying all the way to the bank. Some justice.
$50k per year?
That’s a reason to resign...
Follow the money, always.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.