City Manager Seeking "Buy-In" to Get Lifetime Pension
Could Collect $675,000 Over 15 Years
Last updated 2/12/2020 at 10:41am
Lake Wales City Manager Ken Fields is proposing two changes to the city's pension rules. One would enable him to get a lifetime city pension worth potentially more than $600,000 without completing the minimum 10 years of service with the city.
The other change would create investment accounts for Police Chief Chris Velasquez and Fire Chief Joe Jenkins, whose retirement contributions have been stopped because they are the first two city employees to reach the $75,000 pension cap adopted in 2013.
If Fields' request is approved, he could "buy" up to five years' of service from previous Florida...