Saturday, March 5, 2011

Taxpayer Abuse: LA Police-Fire Fighters Can Retire and Stay on Job Drawing Salary

How would you like to retire early and stay on the bob drawing your full notmal salary in addition to retirement? This kind of double-dipping is allowed under the LA DROP program.
"DROP" stands for Deferred Retirement Option Plan. LAPD and L.A. Fire Department personnel who've worked for at least 25 years and are at least 50 years old can "retire," then go back to work immediately. When they return to work, pension payments are held while they continue collecting a salary, and after five years, they can leave and collect that money in a lump-sum payment. Read more here.

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