Tuesday, December 14, 2004
M.T.A. Spent $15 Million on Officers' Overtime
This overtime work is a direct result of the pension system. By allowing OT to be used in the calculation of pension payments, each officer takes advantage of this to increase the amount they will be paid in perpetuity.
The costs are compounded by another benefit - that of being able to retire after 20 years. So in combination with the higher pension payout as a result of inclusion of OT in the officers final three or so years, the officer will also be paid for many decades (Hired at 22. Retired at 42. Dies at 72. 30 years equals three decades.)
This overtime work is a direct result of the pension system. By allowing OT to be used in the calculation of pension payments, each officer takes advantage of this to increase the amount they will be paid in perpetuity.
The costs are compounded by another benefit - that of being able to retire after 20 years. So in combination with the higher pension payout as a result of inclusion of OT in the officers final three or so years, the officer will also be paid for many decades (Hired at 22. Retired at 42. Dies at 72. 30 years equals three decades.)
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