San Diego Tribune:
Pension payouts for retired San Diego city employees continue to reach record levels, as one firefighter was paid $885,000 out of the retirement fund in 2016.-- Biggest DROP payouts for retired San Diego city employees Payments from San Diego's most controversial employee benefit program continue to reach record levels, particularly among law enforcement and fire safety personnel, based on new pension data the city released to Transparent California.
The Deferred Retirement Option Plan, or DROP, allows city employees to receive a paycheck and a pension at the same time, but pension checks and additional retirement benefits are deposited into a special account available only when they retire.
After five years in the program, employees officially retire and can choose to receive their accrued DROP balance as a lump sum, or have it paid out as an annuity over time. (Lauryn Schroeder) San Diego Fire-Rescue battalion chief Benjamin Castro received most of the money — $816,760 — as a lump-sum payment under a special program called the Deferred Retirement Option Plan or DROP. It allows employees to receive a paycheck at the same time as they receive pension checks, which are placed into a special account available only when they retire.==