What happens to Vivian Miller's DROP payment?
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What happens to Vivian Miller’s DROP payment?
We were curious what was going to happen to the DROP payment for Clerk of Quarter Sessions Vivian Miller, who yesterday announced plans to retire March 31.
Miller – whose office has come under fire for mismanagement – was enrolled in the controversial deferred retirement option plan. DROP allows participants to pick a retirement date up to four years in the future, at which point their pension benefit is frozen and they start accruing pension payments in an interest-bearing account. Workers then receive those payments in a lump sum when they retire.
Miller was scheduled to retire at the end of 2011. Her scheduled payment if she had stayed, would have been $286,287.50, according to the city. But now that she’s leaving early, the benefit will be $154,889.01.