MPD director will get $250K at retirement, plus $6,900 each mont - Action News 5 - Memphis, Tennessee

MPD director will get $250K at retirement, plus $6,900 each month

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According to a city spokesperson, $6,900 will be placed into an interest-bearing retirement account each month for Armstrong when he retires in 2017. According to a city spokesperson, $6,900 will be placed into an interest-bearing retirement account each month for Armstrong when he retires in 2017.

(WMC) - Memphis Police Director Toney Armstrong will be entered into the city's Deferred Retirement Option Plan, or DROP, after a vote from the city's pension board Thursday.

Armstrong will collect more than $80,000 per year from the city's pension when he retires. Those numbers shocked some taxpayers when they were released.

According to a city spokesperson, $6,900 will be placed into an interest-bearing retirement account each month until Armstrong retires in 2017. When he retires, he will receive that money in an estimated sum of around $250,000. After that, he will continue to collect $6,900 each month, which is a percentage derived from a combination of his salary and how long he served on the force.

Employees pay 8 percent of their salaries into the pension fund, while the city contributes 6 percent. The city's portion comes out of the general fund, made up of mostly property taxes.

Armstrong has been with Memphis Police Department for more than 25 years and served as director for the last three years.

Memphis taxpayer Clint Closier says a deal is a deal, but he thinks the city should revisit the plan in the future.

"I definitely think that when we're living in a city, facing massive budget problems, that is always valuable and always wise to question where we're spending the money and how we're spending the money," he said.

"If that's strange to you, go into the history and see how much the previous director got," said Bennie Ingram, who is also a Memphis taxpayer.

Armstrong's predecessor, Larry Godwin, got a monthly pension payout of nearly $7,800 when he enrolled. Former director Walter Crews collected about $6,500 per month.

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