At Least $43K of Taxpayer-Funded Hypocrisy

 

MADISON - As Scott Walker continues to grandstand on broken pledges that saw him raise taxes and spending and fail to fix Milwaukee County's pension system, new research by the Democratic Party of Wisconsin shows that disputed pension benefits from Walker's stint in the Legislature have accumulated to at least $43,000.

This is significant because, having never raised the issue or done anything about paying for his own pension benefits in the Legislature or in his current disastrous turn as Milwaukee County executive, Walker now is seeking to score political points by claiming he'd contribute his own "share."

The DPW previously has called on Walker to "walk the walk" by returning the $18,000 that represented what taxpayers paid for him, and what Walker would now renounce. But, with investment income added, Scott Walker's nest egg has grown to at least $43,000.

"It turns out that Scott Walker has been sitting on at least a $43,000 nest egg paid for at the expense of taxpayers-and his political posturing," DPW Chair Mike Tate said Wednesday. "If he were being honest with the public, he'd either return the money or stop trying election-year stunts to distract from his failure to fix Milwaukee County's pension system."

 

Year

Taxpayer-Funded Deposit

Investment Interest*

Investment Income

Cumulative Taxpayer-Funded Benefit

1993

$1,928.85

5.0%

$96.44

$2,025.29

1994

$3,954.14

5.0%

$197.71

$4,151.85

1995

$6,244.93

5.0%

$312.25

$6,557.18

1996

$8,307.76

5.0%

$415.39

$8,723.15

1997

$10,566.07

5.0%

$528.30

$11,094.37

1998

$12,937.29

5.0%

$646.87

$13,584.16

1999

$15,381.95

5.0%

$769.10

$16,151.05

2000

$17,865.22

10.9%

$1,947.31

$19,812.53

2001

$21,537.62

8.4%

$1,809.16

$23,346.78

2002

$24,718.00

5.0%

$1,235.90

$25,953.90

2003

$25,953.90

7.4%

$1,920.59

$27,874.49

2004

$27,874.49

8.5%

$2,369.33

$30,243.82

2005

$30,243.82

6.5%

$1,965.85

$32,209.67

2006

$32,209.67

9.8%

$3,156.55

$35,366.22

2007

$35,366.22

13.1%

$4,632.98

$39,999.20

2008

$39,999.20

3.3%

$1,319.97

$41,319.17

2009

$41,319.17

4.2%

$1,735.41

$43,054.58

Grand Total:

$43,054.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*The effective rate is based on the Core Trust Fund rather than the Variable Trust Fund rates because new members were not allowed in the variable fund from 1980-2001.  Also note that Core Trust Fund effective rates were capped at 5% for all participants that began employment from 1980 – 1999. That cap was removed after 1999.

[Source: State of Wisconsin Investment Board, “Credited Effective Rates and Corresponding Dividends/Adjustments”, 1983 – 2009 Wisconsin Retirement System]

 

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