Minn. pension system investigates padding plans
Minnesota's largest public pension system is investigating how extensive pension spiking is among its local government worker members.
The St. Paul Pioneer Press reports the Public Employees Retirement Association, or PERA, has started looking into the issue of workers boosting their final average salary, primarily through massive amounts of overtime.
It's the result of the newspaper's investigation that revealed spiking among supervisors in the St. Paul Fire Department.
Earlier this year, PERA requested three years' worth of salary data, including the overtime amounts, from local governments, in order to determine whether spiking is more extensive than just a single fire department.
PERA Executive Director Mary Vanek says a report about this analysis should be ready for the Board of Trustees' December 12th meeting.
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Information from: St. Paul Pioneer Press
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