In reviewing the Individual DROP Account statements for the City of Pensacola’s General Pension, we found several employees who have completed the Deferred Retirement Option Program (DROP) and are still working for the Mayor Ashton Hayward and the City of Pensacola.
CFO Dick Barker completed DROP on June 18, 2012. He has $395,795.25 waiting for him when he leaves city government, which is accruing $1,296 in interest every month.
Elaine Mager, who now works for the City Council, completed DROP on the same day, but somehow she is still accruing $3052.30 in DROP deposits monthly. As of June 30, 2016, Mager had $380,504.67 sitting in her DROP account, which is accruing $1,198 in interest every month.
Janet Matteson, a legal assistant to the City Attorney, also completed DROP on June 18, 2012. She has $196,465.68 in her account.
As June 30, 2016, the General Pension had accrued $2,721,545 for its DROP participants–36 percent is for Barker, Mager and Matteson. They and Rusty Wells are the only persons of 70 employees on the December 2008 list that are still employed. Wells has received his DROP monies and has been hired back as a special assistant to City Administrator Eric Olson.
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