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Pact Improves Police Retirement Benefits

July 07, 2000|MIKE MCCARTHY

A police retirement package approved last week will pay officers 75% of their salary for the rest of their lives once they leave the job.

The package was approved as police union and city officials negotiated a long-term contract for officers.

A deal on the contract has not been signed but the ample retirement package is Simi Valley's way to pay tribute to retired officers, said City Councilwoman Barbara Williamson.

"These officers put in a lot of time when it comes to serving the community," Williamson said. "This is the safest community in the country, and residents don't seem to mind that we spend $14.5 million on police."

In their retirement plans, police officers, senior officers and sergeants can receive more money if they work until age 55.

Beginning with the 2000-01 fiscal year, officers who work until 55 and have served for 25 years will receive 75% of their highest year's salary annually for the rest of their lives.

Retired officers can also top that deal with their 401K plan.

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