Incoming police chief already gets $131K pension

The incoming police Chief Shelley Zimmerman is currently collecting a nearly $131,000-a-year pension from the city that goes into a special account that she can’t access until she leaves city employment.

Zimmerman, 54, is enrolled in the Deferred Retirement Option Plan, or DROP, a controversial program that allows city workers to simultaneously collect a salary and a pension for up to five years toward the end of their careers. She entered DROP on March 2, 2013, and therefore must depart the city by March 1, 2018.

In the meantime, Zimmerman deposits her monthly pension of $10,912 into her DROP account where it accrues at an interest rate of 1.2 percent. When she chooses to leave the city, she can cash out her DROP account in a lump sum or take it as an annuity.

If Zimmerman stays in DROP for the full five years, her account would grow to $654,729 plus interest by the end.

The city’s pension system released information on Zimmerman’s pension status Friday in response to a Public Records Act request by the U-T San Diego.

Zimmerman’s pension is based on her 2013 annual salary of $154,064 and 30.3 years of service, including 3.54 years that she bought through the city’s purchase of service credits program. Her annual pension of $130,945 represents roughly 85 percent of that salary.

Zimmerman’s DROP status became an issue Thursday when several media outlets reported that her participation in the program meant that she would, at most, only serve as chief for the next four years. Once an employee enters DROP, the decision is irrevocable and the worker must leave city employment within five years.

Mayor-elect Kevin Faulconer, who has nominated Zimmerman to replace outgoing Chief Bill Lansdowne, said he knew that she was in DROP and her time as chief would be limited.

A pension system spokeswoman said information on Lansdowne’s future pension won’t be available until he submits a retirement application although she did confirm he didn’t participate in DROP or buy extra years of service. Lansdowne resigned Friday.

Zimmerman’s new salary as chief has yet to be announced, but her participation in DROP means whatever she gets paid will have no bearing on her retirement benefits. Her appointment is expected to be confirmed next week by the City Council.