CRAIG BOWEN'S SALARY during his final year as chief of the San Ramon Valley Fire Protection District was about $221,000 a year. So how did he end up retiring in December with a tax-advantaged annual pension of $284,000?
The answer provides an amazing case study that highlights problems with public employee compensation and reveals tricks that allow workers to spike their pensions at the expense of their fellow employees and taxpayers.
The Bowen story has some similarities to the case I examined last month of Peter Nowicki, the chief of the Moraga Orinda Fire District who was able to turn his $185,000 annual salary into a $241,000 yearly pension. While each public agency has different rules that provide new ways to take advantage of retirement systems, many of the lessons can be applied across the board. |