The Nassau Republican Committee paid nearly $850,000 into its pension fund since January, setting off speculation that longtime Chairman Joseph Mondello was about to call it a day.
According to the committee’s July 15 financial disclosure report, the party had made three relatively modest $7,500 monthly payments labeled “pension” to M&T Investments when it started to increase the amount and began paying them more often until May 29 when two payments were recorded: one for $400,000 and the other for $367,000. The total came to $842,000.
But Republican spokesman Anthony Santino said the large payment had nothing to do with Mondello. He said the county committee had to replenish its private pension fund, in accordance with federal law, after a 30-year-plus employee retired and took a “substantial” lump-sum payout. He said the fund was set up by Mondello’s predecessor for county headquarters’ employees.
"It's nothing more than that," Santino said.