(March 25) – Ed O’Neil left the N.F.L. four decades ago, and over the years he has spent less and less time following professional football. He joined the league in 1974 as a first-round draft pick of the Detroit Lions, and he learned last week that as part of the new, 10-year collective bargaining agreement, he and thousands of other former players will get bumps in their pensions. For O’Neil, who is 67 and began drawing on his pension three years ago, that could mean about $1,400 more per month. Continue reading
Tag Archives: Pensions
Taxpayers face major cuts to their negotiated benefits yet remain on the hook for a $283 million gaudy new arena in the bankrupt city DAVID SIROTA
Salon (July 24) – As states and cities grapple with budget shortfalls, many are betting big on an unproven formula: Slash public employee pension benefits and public services while diverting the savings into lucrative subsidies for professional sports teams.
Detroit this week became the most prominent example of this trend. Officials in the financially devastated city announced that their plan to slash public workers’ pension benefits will move forward. On the same day, the billionaire owners of the Detroit Red Wings, the Ilitch family, unveiled details of an already approved taxpayer-financed stadium for the professional hockey team.