Post a New Topic
Original post made
on Dec 23, 2009
LG - Get your bulldozers warmed up and ready. He's going to get your bike parks.
Rotation Time, Can we rid the world of the judical.
"Public service", HO HO HO! Hogs at the trough...
I will miss him and so will Mountain View. Wish I could double dip like him. Los Gatos is very lucky to get him. Maybe I should temporarily relocate to Los Gatos.
Martello is an example of how our public service pension system has run amok and is unsustainable. I understand he will take about 80% of his regular salary, which will net him about $180,000 in retirement. It is no wonder he is so interested in retiring now. I would retire, too. It helps to explain why the public pension obligations are so high.
I have no problem with paying pensions but it needs to be sustainable and a reasonable amount to allow someone to live on in retirement. The amount paid to Martello from the pension system seems excessive and not sustainable in the long run, especially considering how CALPERS is on the brink of insolvency, is cooking the books to not show its true losses, and with an imminent explosion in the number of retirees.
CALPERS "has been reporting an expected rate of return of 7.75 percent for the past eight years, and 8 percent before that…. Its annual return during the decade from Dec. 31, 1998, to Dec. 31, 2008, has been 3.32 percent, and last year, when markets tanked, it lost 27 percent." David Evans, Hidden Pension Fiasco May Foment Another $1 Trillion Bailout, Bloomberg NewsService (March 3, 2009).
The pension fund is guaranteed by the state treasury.
Martello should be required to work for 35 years in public service and until at least 65 or 70 to qualify for anything coming close to that amount. And even then, $180K seems excessive.
And now he will apparently double dip, receiving his pension and a paycheck from Los Gatos. :-(
Good riddance. The man is a bully. This is egregious greed - a huge Mountain View retirement income plus double d
ip with Los Gatos & recall the controversial matter of Martello & Pam Read (now his wife) regarding the Foothill
Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.
Post a comment
Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online.
Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information
We prefer that you use your real name, but you may use any "member" name you wish.
Select your neighborhood or school community: * Not sure?
- Bailey Park
- Blossom Valley
- Castro City
- Cuesta Park
- Jackson Park
- Monta Loma
- North Bayshore
- North Whisman
- Old Mountain View
- Rengstorff Park
- Rex Manor
- Shoreline West
- St. Francis Acres
- Stierlin Estates
- Sylvan Park
- The Crossings
- Waverly Park
- Whisman Station
- another community
Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.
La Boulange Palo Alto set to close Sept. 3
By Elena Kadvany | 17 comments | 3,665 views
By Laura Stec | 17 comments | 1,991 views
By John Raftrey and Lori McCormick | 2 comments | 1,772 views
The U.S. Economy, China and the Stock Market
By Steve Levy | 7 comments | 957 views
Have You Ever Had a Dog?
By Chandrama Anderson | 2 comments | 838 views
Home & Real Estate
Shop Mountain View
Send News Tips
Circulation & Delivery
Palo Alto Online
© 2015 Mountain View Online
All rights reserved.