Horton’s PERS costs to approach Bellotti’s?

Bellotti was able to take advantage of a variety of loopholes – including a well timed divorce and remarriage, plus payments based on Nike earnings for which no contributions were made – to get a budget busting $500,000 a year PERS payoff. Ted Sickinger of the Oregonian did an amazing investigative story on that last year, after the Oregonian sued PERS for the data. The always well informed Hannah Hoffman explains that b-baller coach George Horton won’t get the same special benefits, due to recent federal reforms. Meanwhile all of us in the 57% are paying for Bellotti, and will be for a long time. The state recently announced huge increases in the cost of covering past PERS largess, the Oregonian has covered this in detail, one story here.

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5 Responses to Horton’s PERS costs to approach Bellotti’s?

  1. Angry old lady says:

    So is it possible for the legislature to pass law that no one receive such outrageous payments from PERS by putting a cap on such payouts? Make it retroactive to cover anyone sucking the state dry by such shifty acts.

    I believe anyone should be able to live quite well off 200K a year. I know I could and would be happy to even give it a try for just one year to prove a point.

    Our entire administration seems to have used the University as an avenue of self enrichment…I mean look at the raises they took while Dave F was in office and after he left continued to take, its clear the “plan” was for self enrichment to last through retirement. Talk about a scam…the UO and the entire state have been scammed by these people.

  2. Oryx says:

    I’m no expert on this (not by a long shot), but it’s implied in the recent RG article on PERS that passing such a law would be “…difficult legally because of a state Supreme Court ruling that nullified some of the 2003 pension system reforms by then-Gov. Ted Kulongoski. The court said the state can’t diminish pension benefits that have already been promised to workers.” — http://www.registerguard.com/web/updates/28821309-55/pension-percent-public-costs-contributions.html.csp

    So you’ll have to remain angry!

    Though the abuse of the system is appalling, I can understand the court’s reasoning — if promised benefits aren’t given, no one would have confidence that the pay/benefits they get will be delivered.

  3. Angry old lady says:

    I would say it pays to know all the loopholes available to the not so common citizens doesn’t it. And who would know those loopholes best but a bunch of over paid lawyers and former government legals. We the citizens of Oregon have been duped by a few greedy, slithering snakes.

    Proves that it works well to have a reputation to hide behind that provide cover for your dirty work. Must be proud. Laughing all the way to the bank every month. Gotta just love it! Yeah…I’ll be staying angry.

  4. CCornei says:

    – including a well timed divorce and remarriage…Just read this…please explain more about a ‘well timed divorce’…what does that mean? And ‘remarriage’…has nothing to do with anything being discussed about his PERS benefits. Why ever include such an ignorant remark in an article?

    • uomatters says:

      I’m no marriage counselor, but the timing was lucrative, and costly for PERS. Quoting from the Oregonian:

      PERS officials declined to identify the “alternate payee” awarded nearly half of Bellotti’s retirement account when he and his wife Colleen divorced in 2003. But Bellotti acknowledged she is currently drawing a pension. Based on the balance transferred, she would be eligible for a monthly benefit in the neighborhood of $4,200, or about $50,000 a year under PERS formulas. The balance transfer only marginally reduced his pension, and appears to have left her with a higher monthly benefit than the average PERS member with 30 years service.

      Colleen Bellotti said every other PERS member who gets a divorce is treated the same way. “This has nothing to do with the choices we made.”

      The Bellottis are back together, remarried. PERS won’t discuss any benefits for alternate payees such as Colleen Bellotti, but in similar circumstances, a remarriage would not diminish benefits for either, according to PERS.