Memphis Police Director To Retire In 2017
(Memphis) Memphis Police Director Toney Armstrong will retire in 2017.
As of this year, Armstrong qualifies to take part in the DROP program.
The Deferred Retirement Option Plan allows employees who qualify to give a one to three year notice of retirement and stop paying into the pension program which increases their take home pay.
The employee also starts receiving pension payments which go into an interest bearing account which can then be rolled over when they retire.
The city says it benefits by knowing ahead of time someone is leaving and by not having to pay into the pension plan once the DROP starts.
Armstrong’s predecessor Larry Godwin also retired using the DROP program.