Pension padding is not illegal, but has been criticized as factor in the increase of pension costs.
Over half of the top 20 NYPD overtime earners in 2013 were at retirement age, suggesting that many may have been engaging in so-called pension padding, according to records released Friday.
The 20 princes of the punch-clock, who received a total of $ 1.1 million in overtime, include 13 who have been on the force for more than 20 years. Cops with at least 20 years of service who retire this year will receive a pension that amounts to half of their final year’s salary.
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The practice is not illegal but is criticized as one of the factors that has led to skyrocketing pension costs.
A top earner was Police Officer John Wright, who made over $ 59,000 on top of his base salary for $ 112,000. The 26-year veteran worked 603 hours of OT, the equivalent of 25 days, and is eligible to retire and receive half-salary for the rest of his life. It’s unclear if he is retiring — he could not be reached for comment and the NYPD did not respond to a call a for comment.
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Last year, the department paid $ 634 million in overtime, up from $ 549.5 million in 2011.
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