Amid these difficult times, and the already unprecedented jubilee over the "once in a lifetime tax decrease" more concern over a "bait and switch" sales tactic surfaces among my colleagues who are "in the know" of local Milford politics. Our current mayor, who now seeks yet another term appears to be "going for broke." Richetelli is seeking a fifth term that will qualify him for a life long pension at a substantial cost to the taxpayers.While I do not not know the exact details of his personal pension related future monetary entitlements, I do know that it will cost our city extra money over the course of his lifetime, beginning upon his retirement. While many like myself supported Jim in the last election with a sign on my lawn, this time around I do not plan to because I am of the opinion that the cost of retaining him is going to add too much future debt to our city.
This opinion of mine is not because I think Jim is a bad person or did a terrible job, its actually to the contrary I think Jim was simply the best choice of the candidates Running last go around. This year is different, we have three other choices besides Jim including my personal favorite Peter Spalthoff who believes in the fundamental fairness of "people and not politics." He is also a selfless individual who has lived in Milford many years and has been a part of many of our local clubs and organizations and traditions. Peter is the only person I ever met who personally invested his own money in our community. I cannot really say that about any of the other candidates.
This year I simply urge all voters to make the best choice for our city and with tax increases and out of control spending being the current theme we may want to think twice about voting for a person who will add additional pension obligations to the city's already over burdened treasury. Jim, in my opinion is a great person who will qualify for a very high paying corporate job after his retirement from the city. We need not worry about him or his future should he fail in his bid for re-election.
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6/14/09 Correction and an addendum to this Post.
The previous title of this post alleged millions, perhaps that is true or perhaps its not I did have the opportunity to get some more imput about this opinion of mine of which is changed a bit due to some new updates.
As it was explained to me the Mayor Recieves 2.25% in pension benefits for each year he holds office. Jim, should he get re-elected to his fifth term would qualify for 10 Times the 2.25% or 22.5% of his $93,000.00 a year estimated salary. This amount would be due and payable upon his 60Th birthday and would be subject to the review of the Pension and Retirement board. This board, at their discretion, could agree to give him Cost of living adjustments to compensate for inflation or like scenarios that could diminish the purchasing power of his pension check.
Should the mayor collect his pension from 60-90 or 30 years, this sum would total Apx. $21,000.00 Times 30 or $630,000.00 without cost of living adjustments by the board. How much this figure grows is entirely up to the Pension and Retirement board and their willingness to increase his benefits in the future.
The ultimate amount could be a million or more, but this is really contingent on how many years the Mayor collects, how many increases he gets along the way, and any other unforseen additional expenses (such as continued health coverage)related to this debt obligation. This figure is pure speculation.
Update 6/27/2009
Quote from Brian McCredy NH Register
"The combined city and schools proposed budget is $170.8 million, compared to this year's $160.1 million, representing a 6.69 percent increase. The proposed budget basically keeps services at the same level. Fixed costs such as health insurance, electricity, contractual wages, pension contributions and workers compensation make up 91.2 percent of the increase."
LINK to full article
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