Philadelphia Parking Authority honcho Richard Dickson set to snag record $655K retirement perk
City Council reformed the controversial retirement perk known as DROP in 2011, but a top Philadelphia Parking Authority official is set to collect a lump-sum payment of $655,000 — a new record for the program.
Richard Dickson, a deputy executive director at the PPA, filed an early application to enroll in the lucrative Deferred Retirement Option Plan in June 2011, three days before Council voted to rein in its costs.
In April, Dickson officially entered DROP, at which point his pension started. Its payments go into the interest-bearing DROP account while he continues to work for up to four more years.
When he applied in 2011, the Board of Pensions and Retirement estimated that Dickson’s lump-sum DROP payout would be $406,649 when he retired in 2021. He was earning about $132,000 at the time.
Read more: http://www.philly.com/philly/news/philadelphia-parking-authority-richard-dickson-record-retirement-perk-20171211.html
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