Wow! I wish I knew this in 2002 when I ran for Treasurer of the Commonwealth of Massachusetts:
Cahill voted to double supporter's pension. Then again, so do Cahill's other opponents. Here are the interesting bits (the bolds are mine in case you just want to skim it):
Shea, who retired that year at age 49, has been collecting a pension
now worth $47,000 a year, plus health-care insurance, paid by Norfolk
county taxpayers. If she had received the kind of pension usually given
to sheriff's department administrators, instead of the type Norfolk
corrections officers get for their potentially dangerous jobs, her
pension would be worth less than half that, $21,230 a year.
...
Steve Kenneway, president of the Massachusetts Correctional Officers Federation Union, blasted Shea's pension.
"I don't see a lot of stress on a paper-pusher, not compared to an
officer who might get stabbed or beaten up on the cellblock," he said.
"These retirements are meant for officers who get old before their time
under the stress and physical demands of the job."
...
Shea's work for Cahill, a Democrat, extends back at least to 1996 when she was actively raising funds for his campaign to become county treasurer, according to three Quincy Democrats who observed their relationship. She also used her contacts from having served on the retirement board to round up support for Cahill around the county.
Shea again worked closely with him in his 2002 campaign to win the state treasurer's post. After he took office, she continued to be on his inner financial team that met in Quincy, sometimes weekly, to plan fund-raising for Cahill's political account, said two Cahill supporters. Shea has also donated to Cahill's coffers, more than $3,000 since Cahill won election as state treasurer.
...
Additionally:
...
After she stopped working at the sheriff's office, Shea began work as a pension investment consultant for Connors & Co., a Georgia company that earns fees by matching investment companies with state and local pension funds. Shea is the firm's director of sales and marketing for New England.
...
Paul F. Connors Jr. and his wife have been longtime contributors to Cahill's campaign committee, dating back to when he was first elected county treasurer. Since Cahill was elected to the state post in 2002, they have contributed $12,000. Connors could not be reached yesterday; he has previously not responded to requests for comment about his firm's dealings in Massachusetts.
In October 2005, the state retirement board chose EARNEST Partners, an Atlanta-based financial firm, to manage $250 million in pension money. EARNEST used Connors & Co. as a broker on the deal. Cahill also chaired the selection committee that reviewed the proposals.
If normal industry standards were used, Connors & Co. would have earned between 1 and 12 percent of the $6.8 million fee that the state pension board paid EARNEST to manage the funds. EARNEST's disclosure statement did not include the fee Connors & Co. received.
Cahill served on the state pension board selection committee that recommended EARNEST and also voted for final approval. He has said he does not excuse himself from participating, even if his political supporters are involved, because he is not told which third-party brokers helped arrange an investment.
Please go read the Boston Globe article: Cahill voted to double supporter's pension. It does make for interesting reading.
