FLORIDA Cash Outs May 2022
This list includes public employees in Florida who have their SECOND retirement and receive their cash bonus payout in May ’22.
$100 Million in cash bonuses in May 2022 for 839 Statewide Retired Florida Bureaucrats – taking tax money from schools, roads, and tax cuts.
For Immediate Release May 23, 2022
Florida Legislature Increases Pension Cash Bonus collection time from 5 to 8 years and increases taxpayer payments to “Public Servant” pensions by $373.5 Million!
$100.3 Million in pension cash bonuses paid in May 2022 for 839 Statewide Retired Florida Bureaucrats
Instead of reforming the DROP Triple Dipper Program by requiring Triple Dippers to pay 3% of salary to the Florida Pension system, or capping Pension Cash bonuses – the Florida Legislature voted to increase Pension Cash Bonus collection time from 5 to 8 years, a 60% increase, for for the most senior and highest paid law enforcement personnel and their secretaries (Special Risk and Administrative support) after 25 years of employment or age 55! The Florida Legislature voted for HB 5007 [ Read the Bill ] [ FL Senate Link ] to increase the taxpayer paid match of “Public Servant” pay by 3% across the board, a new $373.5 million tax burden on Florida taxpayers. Triple Dippers still don’t pay a penny of their salary into the pension system but the Taxpayer paid match of Triple Dipper Salaries increases to 21.34% compared to 13.82% for Regular Class Employees and 69.73% for Legislators and the Governor. In 2012 the taxpayer-paid salary match for DROP Triple Dippers was 4.33%.
Triple Dippers are Florida “Public Servants” who take a salary plus huge benefits and a pension earning interest at the same time to do the same job! Triple Dippers are the only Florida Public employees who don’t pay 3% of their salary into the Florida retirement system-cheating taxpayers out of $62.8 Million! No private company allows such abuses. Add the Cherry on the top – these Triple Dippers are cashing out their unused days off at their final highest salary, not the salary when the days were earned taking more money from taxpayers and artificially increasing final year’s pay on which their pensions are calculated. Collecting a paycheck and a pension at the same time, Triple Dippers can afford to delay Social Security which then increases 8% per year to age 70. That’s about a 40% increase in Social Security payments! Triple Dippers is formally called the Deferred Retirement Option Program (DROP).
These Triple Dipper cash bonuses are taking money from schools, roads and tax cuts. Replacing these over -the-hill retired Triple Dippers with freshly educated and trained employees would save approximately 40% around $902.8 Million which could be spent on schools, roads and tax cuts”, stated Dave Jaye. “Giving “Public Servants” a paycheck and a pension at the same time to do the same job has led to $36 Billion in unfunded Florida Retirement obligations, a $1,675 liability for every man, and woman and child in Florida! [Alec.org] “This abuse of taxpayers must stop”.
Statewide, 839 Retired Florida Public Employees are taking $100.3 Million in pension cash bonuses as these 839 Bureaucrats retire for a second time this May 2022. The Highest May 2022 Cash Bonus Payout is $618,418 and 398 collect over $100,000.
Contact: Dave Jaye, Researcher, https://tripledippers.org/ 586-488-5177 dave.jaye55@gmail.com
Complete List
“We need to create opportunities for young people to move into these jobs to buy a home and start a family replacing these overpriced-cum-golden oldie Triple Dippers who are just putting $700,000 or more of cash bonuses into the bank. Young people have much lower health care costs, are better educated and have much more energy than these Senior Citizen Triple Dippers,” noted Dr. Doner.
“Triple Dippers Grinches are taking a salary with huge benefits and interest-bearing pension at the same time to do the same job while living next to neighbors who lost their job or businesses, retirement savings, children’s college savings funds and possibly their cars and homes”, said Dr. Doner. “Ending the Triple Dipper program would create approximately 29,719 new jobs–without cutting a single Government position! Hiring entry level employees to replace Triple Dippers save approximately 40% –$840 million plus approximately $62.8 Million that Triple Dippers don’t pay 3% of pay into the Florida pension.”
The statewide list of 29,719 Florida Triple Dippers can be sorted by name, employer, cash bonus payout, cash bonus payout date, first retirement date at https://tripledippers.org/fl-statewide-2021-dec-29718-tripledippers/ Triple Dippers, formally called Deferred Retirement Option Program (DROP), take an annual Payroll of $2.1 Billion (average salary $62,344) and Cash Bonus of $4.91 Billion (average cash bonus of $146,161) https://flauditor.gov/pages/pdf_files/2021-069.pdf p. 160 .
“The Florida Legislature and Governor should require Triple Dippers to contribute 3% of pay to the State Pension program just like every other ‘Public Servant’ and increase the ‘Public Servant’ contribution from 3% to 5% as proposed by then Governor Rick Scott. Retirement cash bonuses should be eliminated”. https://www.sun-sentinel.com/news/fl-xpm-2011-02-01-fl-scott-announces-pension-reforms-20110201-story.html
The public employer (taxpayer paid) match of DROP Triple Dippers salary to the Florida pension system has increased to 18.34% compared to 10.82% for regular class employees. In 2012 the Employer match for DROP employees was 4.33%. The public employer (taxpayer paid) match of DROP Triple Dippers salary to the Florida pension system will increase again this July 1, 2022. A major reason Triple Dippers Program is expanding is that many Triple Dippers work for the Florida State Senate, State House, Governor’s office and are Elected Politicians. The Employer contribution rate for Legislators, the Governor and Cabinet is 63.73% https://www.dms.myflorida.com/workforce_operations/retirement/employers/contribution_rates .
If you know of other taxpayer-abusive and wasteful TrippleDipper programs, please contact us and join our email list to be notified of important news and new reports.
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