Ex-Port Authority CFO’s Pension Draws Scrutiny
New York State officials are reviewing a retirement incentive that helped boost the pension for the former chief financial officer of the Port Authority of New York and New Jersey to $233,000 a year.
Aaron Blanco received a $125,000 severance payment that increased his compensation to nearly $500,000 when he stepped down in 2010.
Eric Sumberg of the New York Comptroller’s Office told The Record newspaper officials are reviewing a state law that prohibited employees from taking advantage of the 2010 retirement incentive if they were also to receive certain end-of-career payouts.
The Port Authority tells the newspaper Blanco’s severance payment was based on a 1996 agreement made under prior leadership and such perks have been eliminated.
Blanco could not be reached for comment.
(Copyright 2012 by The Associated Press. All Rights Reserved.)