by Bradley Parsons
Staff Writer
The Police and Fire Pension Fund board endorsed Thursday the mayor’s plan to let Fire Chief Richard Barrett keep his job by dropping out of an early retirement plan.
The plan, crafted by the mayor’s office and pension fund administrators, has now taken two of three necessary steps for Barrett to remain as chief. The State Division of Retirement gave its approval Wednesday. The final decision rests with the City Council, which may vote on the plan during its Tuesday meeting.
The board’s approval isn’t binding, but several City Council members have said they will consider the board’s opinion before voting. The board unanimously endorsed the mayor’s plan. Chair Hastings Williams Jr. said it was fair to both departments’ retirees and active members.
The plan represents a departure from Mayor John Peyton’s original proposal, which would have rehired Barrett following a July retirement. Under the original terms sought by the mayor, Barrett would have received $300,000 in deferred pension pay, a $120,000 annual salary and a $60,000 annual pension. Like the State, the pension board found that proposal problematic.
The alternative plan, also advanced by the mayor’s office, gives department veterans who are appointed or elected to leadership positions a one-year window to rescind their membership in the early retirement plan. It would essentially let Barrett continue working as if he never signed up for the Deferred Retirement Option Program.