[quote=bearishgurl]…I just talked with two local govm’t workers over the weekend who will retire from SD’s (City’s) DROP program at the age of 55. The City’s DROP was one of the most generous retirement programs in the nation (now taken off the table) and these individuals are currently only 52 and 54 years old! Not only are their houses paid off, but they will each retire with 29 and 30 years service respectively with all of the above and more benefits and perks and are essentially set for life!…[/quote]
btw, folks, these individuals were both females and both sworn staff. I predict they will both retire with $92-97K each in annual pensions their first year of retirement with benefits and perks added on to equal in the low-mid $120K’s annually. And btw, they both reside in Chula Vista …. along with many of their brethren 🙂
That’s how the DROP worked and that’s why it is no longer an option for City employees.
