Former high-level Los Angeles city employees continued to rake in high pension payouts in 2017, with a former assistant fire chief topping the list with his $1.38 million pension earning, according to data released this week by Transparent California.
The assistant fire chief, Donald Frazeur, was paid a lump sum of $1,171,994 in addition to his normal $212,730 annual pension because he took advantage of a program known as the deferred retirement option plan, or DROP, according to Transparent California.
DROP allows a public safety employee to earn a salary and a pension at the same time for as many as five years. During those years, the pension payments are put into an account where they collects interest. When the employee retires, the money can be withdrawn all at once or rolled over into an annuity.View Article