The Third Rail
Saving Canada's Pension SystemBook - 2013
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Vincent Cianci, the Prince of Providence, was so indifferent to pension costs that he approved new cost-of-living allowance (COLA) benefits that hiked retirees' pensions by as much as 6 per cent annually.
The stunning raise was a windfall for some pensioners. By 2011, former Providence fire chief Gilbert McLaughlin was pocketing an annual pension of U.S. $197,000, three times his annual salary of $63,000 when he retired in 1991. If McLaughlin lives to one hundred, his pension will be $700,000.
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