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Critics of San Diego's pension plan said that it is bankrupting San Diego's municipal budget.
If you work for the state, you might get laid off, but if you used to work for the city, you may just be getting a nice, fat pension check.
More than 80 former employees of the city received payments if more than $100,000 in retirement payments in 2008, the voiceofsandiego.org reported. Topping the list is former Deputy City Manager Patricia Frazier, who received $165,870.
That’s not the worst of it. Since the program began in 1997, five former city employees have received more pensions in excess of $1 million.
The Deferred Retirement Option (DROP) program allows workers nearing retirement to receive a monthly pension payment prior to retirement, which then accrues at a guaranteed rate. That rate was recently lowered to 7.75 percent.
Mayor Jerry Sanders has called for pension reform since the data was released. Critics of the controversial program -- including City Councilman Carl DeMaio -- said it is bankrupting San Diego’s municipal pension budget and have called for the interest rate to be reduced to 4 percent.