Before becoming LAPD chief, Moore retired, collected a $1.27-million payout, then was rehired

[Right_in_Virginia]

Before becoming LAPD chief, Moore retired, collected a $1.27-million payout, then was rehired
LA Times, Aug 11, 2018, Jack Dolan

Before Michel Moore was promoted to become the Los Angeles Police Department’s new chief in June, he took a brief, highly unusual retirement.

He left as chief of operations for only a few weeks before rejoining the force in the same job at the same pay. But the move provided him with a financial windfall: a lump sum retirement payment of $1.27 million from the city.

Moore, 58, received the money thanks to his enrollment in the city’s Deferred Retirement Option Plan, or DROP, which pays veteran cops and firefighters their pensions, in addition to their salaries, for the last five years of their careers.

The extra pension payments go into a special account that the employee receives at the end of the five years — so long as they formally retire.

Moore said in an interview that the plan to have him retire and then return almost immediately to work was proposed by former Chief Charlie Beck and approved by Mayor Eric Garcetti.


More:  http://www.latimes.com/local/lanow/la-me-chief-drop-2018-08012-story.html#

[Right_in_Virginia]

Nice precedent.   

[Elderberry]

I had a co-worker who retired one week, and the next week he was back in his same cubicle working for one of our sub-contractors. It lasted for only a week before the powers that be said negatory. After I retired, I came back as an independent contractor for a while, until I came to my senses.

[darroll]

How many times have their pension fund went broke? More to come.

[truth_seeker]

MANY California jurisdictions (probably other states, too) have made pension promises, far beyond their ability to pay unless taxes are raised, benefits are cut, or the market returns jump sharply.

Some have filed municipal bankruptcies.

Vallejo
San Bernardino