LA Times: "Salary 'spiking' drains public pension funds" in California.
Approaching retirement, Ventura County Chief Executive Marty Robinson was earning $228,000 a year.Nice work if you can get it. Well, I guess those are the rules and Marty played them to the tune of a quarter-million+ a year. I'm sure the hundreds of students protesting tuition hikes in California state colleges will sympathize.
To boost her pension, which would be based on her final salary, Robinson cashed out nearly $34,000 in unused vacation pay, an $11,000 bonus for having earned a graduate degree and more than $24,000 in extra pension benefits the county owed her.
By the time she walked out the door last year, her pension was calculated at $272,000 a year - for life.