Skip to comments.Loophole Lets N.J. Pols Double Dip
Posted on 04/06/2011 2:41:58 PM PDT by smokingfrog
PHILADELPHIA - This may not sound new because we've been talking about it in Philadelphia in connection with its Deferred Retirement Option Plan, or DROP.
That has cost the pension fund millions and been abused by elected officials.
But now we're looking at it happening in New Jersey.
Several high-ranking political leaders found a loophole allowing them to retire and then go back to work, collecting a pension and salary at the same time.
Gov. Chris Christie says he will try to close the loophole. But we don't know how many people or even who is doing this.
It comes off as another example of elected officials doing things no one in the private sector could get away with.
The story exploded with recent revelations surrounding a North Jersey political power broker.
Joe DiVincenzo earns $156,000 a year as the incumbent Essex County executive. DiVincenzo retired back in august, while running for re-election. He then won that race.
A loophole in the state's pension rules lets public employees "retire" from elected office, as long as they previously held a different public job.
DiVincenzo fits that bill, so he earns his salary plus, at the same time, pick up pension checks worth another $69,000 a year.
(Excerpt) Read more at myfoxphilly.com ...
That should not be a stumbling block if they are state workers. ANYONE should be able to collect retirement and work at the same time as long as it is not working for the organization that is paying the retirement.
Elected officials shouldn’t even get a pension in the first place. Pay them a decent salary and let them save for their own retirement.
Steve Oroho has been promoting a bill to close this loophole.