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.
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.
The five-member Norfolk County Retirement Board approved Shea's pension
with no questions asked, minutes show. At the time, Cahill was
chairman, and Shea was also a member of the board (and still is).
Neither Cahill nor Shea recused themselves from the July 2000 vote,
according to minutes of the meeting, which state that the vote was
unanimous to approve a batch of pension requests, including Shea's.
seeking to invest state and county pension funds; her firm earned what
is estimated to be a substantial fee for helping to arrange a deal for
an investment management firm to handle $250 million from the
Massachusetts pension fund, which is overseen by Cahill.
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
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.
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.
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.
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.
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