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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
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