EXCLUSIVE: Cape police chief to get $750,000 and over $11,000 a month in retirement
Photo: Video by fox4now.com
Cape Coral, Fla. -
How much money will the soon to be retiring Cape Coral police chief make in retirement?
Jay Murphy will be retiring next week after 35 years on the force. Back when he started there were different rules in place about pensions. Over the years the rules changed and he was grandfathered in under the old ones. So, how much will he get?
Some call it a "golden parachute", other's call it pension envy. Whatever you call it, for someone who started out as a cop, a lot of people will say it's a whole lot of money.
Back in the late 70's, Murphy went through the police academy to be a cop. Now, 35 years later, he's retiring. For the first 32 1/2 years he worked his way up through the ranks all the way to the top to become first, deputy chief - a position he held for a number of years, then chief.
In that position he made $131,476.80 a year, or $10,956.33 a month. At the end of next week he will retire and will collect a lump sum, one time check in the amount of $743,231.
In addition, for the rest of his life, he will collect $11,581.75 a month. That's almost $138,981 a year.
Had he stayed on he would have made $7,504 less a year than he will in retirement. "This is like out of the entire employ it's only one or two percent who are going to end up with numbers anywhere close to what this is," said Councilman Marty McClain. "This whole thing began stirring back, if you'll remember, with the school superintendent (James Browder) and the tax assessor or tax collector. But it was a program, a pension program, that they got into years ago."
FOX4 has been told Murphy is one of the last remaining people in Cape Coral that will collect that kind of money because in the last meeting monday night, council voted to cap future retirement payouts at a maximum of $95,000 a year. "He worked up through the ranks, the income got up there," explained McClain. "I mean the same as anybody else as they go through the the levels of income changes and their contributions. Then, of course, when you get into matching funds then those numbers after 35 years do add up."
FOX4 reached out to Murphy to try to get his take on all this and, even though he was simply grandfathered in on all this, were told he was not available.