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Thursday, November 20, 2014

The Mcfarlane money story keeps going and going

 And the sock puppets keep on giving away the tax payers money.
What a freaking joke Trimet governance is.
Like I said at the meeting, the only thing that phony board cares about is the executive class of the management. Everything else is expendable.
This is not unusual by the way, transit executives are getting rich at multiple agencies in the country.
 American public transit is a train wreck but that doesn't stop the people at the top from stuffing their pockets. 

When the TriMet board of directors voted unanimously Wednesday to sweeten General Manager Neil McFarlane's paycheck, it approved a two-piece package that will contribute to one of the most generous retirement deals in the transit agency's history.

First, there was the 3.4 percent pay increase -- the 62-year-old transit leader's second in two years -- boosting his annual salary to $229,000. On top of that, the board awarded McFarlane two more weeks of vacation during the life of the new two-year contract.
Why does a transit executive who already receives nine weeks of vacation a year need an extra 80 hours?
At TriMet, the general manager is not eligible for annual bonuses. However, in a system where McFarlane is allowed to stash and cash out up to 1,500 hours of unused vacation at retirement, paid time off can wind up being a bonus by another name.

In fact, McFarlane, who worked at the transit agency for 19 years before becoming general manager in 2010, has already saved up 889 hours – or 20 weeks -- of unused vacation. That would amount to a lump-sum pay out of $97,179 on the day he retires. 
Valued at $8,800, the contract's extra two weeks of vacation will be added to McFarlane's vacation bank. "The intent is to see him take some time off," said Bruce Warner, the TriMet board president. "But it's his to use however he wants to use it."

Read the entire story: TriMet GM's 'vacation bank' guarantees big retirement pay out on top of $12,800 monthly pension | OregonLive.com

1 comment:

rocketman said...

McFarlane Raise??? So why was the 3.4 % used? The union raise wasn't based on Portland CPI but the national CPI. Just asking!!