Why not insert some common sense and free market ideas when establishing the level of compensation for senior city/country/state officials running major departments.
Let them earn the equivalent of private company CEO salaries but force them to manager their retirement benefits like everyone in the open market. I don’t see why the city should insulate them from future risks by offering a defined benefit pension plan.
There is not shortage of people who would have taken her job and probably done just as well. Open these senior positions to completion rather the patronage politics that currently exists when filling these posts.
Lets say you pay her $500,000 per year to run the department. Five years work = $2,500,000
Under the current pay schedule her wages were $165,000 annually plus $120,000 per year for the remainder of her life.
Total cost until age 78. 5 years of work = $600,000. Retirements costs = #3,000,000 if her compensation is not indexed. Total costs = $3,600,000.
Imagine that costs across the board to the government (and us as taxpayers) as these senior posts are rolled over every few years.
