David Adams, The campaign manager for Phil Moffett post this comment on Facebook
“wonders how many Kentuckians know we will be paying Greg Stumbo 100% of Attorney General salary in retirement for the rest of his life unless he is convicted of certain felonies related to his official activities.”
Which got me to thinking about how much retirement and the folks running for Governor and Lt. Governor would get or already get in Government Retirement Benefits.
On the low end benefits are Phil Moffett and Gatewood Galbraith running for Governor and Dea Riley running for Lt. Governor. Their retirement benefits would be based on the 4 years they would serve in office. The current salary for the Governor is $129,798 and the Lt. Governor is $110,346.
“wonders how many Kentuckians know we will be paying Greg Stumbo 100% of Attorney General salary in retirement for the rest of his life unless he is convicted of certain felonies related to his official activities.”
Which got me to thinking about how much retirement and the folks running for Governor and Lt. Governor would get or already get in Government Retirement Benefits.
On the low end benefits are Phil Moffett and Gatewood Galbraith running for Governor and Dea Riley running for Lt. Governor. Their retirement benefits would be based on the 4 years they would serve in office. The current salary for the Governor is $129,798 and the Lt. Governor is $110,346.
Next up would probably be Bobbie Holsclaw, her time at as Jefferson County Clerk, (11 years at $108,721 per year) would count along with the salary as Governor.
Then there is Mike Harmon, Phil Moffett’s running mate, who will convert his eight years in the
General Assembly, just like Stumbo, from the Legislative Retirement System to the Kentucky Employees Retirement System. His pay off wouldn’t be as big as Stumbo’s, but pretty nice return on investment none the less.
Steve Beshear would get his time as member of the General Assembly, Attorney General and Governor all folded together, given the six figure salary that will make a nice chunk of change.
Richie Farmer will be able to just maintain his $110,346 salary he has been getting as Commissioner of Agriculture if he steps into the role as the Lt. Governor. Assuming he could stay in that role for 8 years and then do 8 as Governor, that would be a nifty piece of retirement planning.
Let us not forget David Williams, converting 28 years in the legislature. After 4 years he is instantly is eligible to retire with a nice benefit amount.
But the biggest dipper into the retirement system would be Bobbie Holsclaw’s running mate Bill Vermillion. The retired Command Master Chief is already getting somewhere between $71,000 and $79,000 from the Navy. He would be able to convert his time in Teacher’s Retirement to the Kentucky Retirement System. This should pretty well guarantee a six figure retirement.
So if you are going to pick your Governor and Lt. Governor by who will benefit least from the state retirement you are going to have to go with Gatewood/Riley.
5 comments:
Journalism 101, report true facts not false. Any service member retiring from military service after 30 years of faithful service to country receives 75% of their base pay.
An E9 that is a master chief (navy/coast guard), sergeant major (marine corps/army, or chief master sergeant (air force) that has served 30 years of active duty receives around $45,000 per year after taxes; not the $71,000 to $79,000 Ralph Long reports. It is a known fact men and women who wear the cloth of our nation do so for love of country.
These men and women to include their families sacrifice everyday to protect people like Ralph Long.
Again, report the truth not a lie.
According to the Defense Finance and Accounting Services pay table foot note 4 the basic pay for a Navy Master Chief is $7,489.80. Seventy-five percent of this annual amount is $67,408.20.
That's basic pay.
Now this is the 2011 table and is only the base pay, and since I don't get to see the pay stub I can only estimate the amount of the retirement.
Regardless of whether Bill Vermillion is getting $79,000 or $71,000 or $67,000 before taxes or $45,000 after taxes he would still be pulling down very health retirement from multiple government sources.
And let's face it what does a Lt. Governor acutally do for the $100,000 plus in salary andperks not to mention the retirement.
So like I said the number is a guess, but the base fact remains true.
http://www.dfas.mil/militarypay/militarypaytables/2011MilitaryPayTable1-4.pdf
Service with KTRS cannot be converted to service at KRS. State statutes say you cannot have service credit for the same period in more than one of the state administered retirement systems. There is a recipricol agreement between the two plans but nothing more can occur...
You will be forever remembered by your constituent if you completed your term with flying colors.
Before retiring, it's really best if you finish with a clean record. That way, they remember you for your excellence and great deeds.
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