When Memphis Police Director Larry Godwin retires this spring after 37 years with the city, he’ll walk away $377,000 richer thanks to some generous city retirement policies, says the Memphis Commercial Appeal. Godwin, 59, announced last week that he would retire April 14 after he was unable to reach an agreement with Mayor A C Wharton to remain as director. His departure payment includes about $100,000 for unused sick leave, vacation days, and holidays.
The remainder of the $377,000 involves interest and a retroactive $93,500-a-year pension that Godwin will be paid for each of the three years he has been enrolled in the city’s Deferred Retirement Option Plan. That retroactive pension comes on top of the annual salary Godwin already earned over that period. His most recent salary was about $120,000 annually. “That’s a big number,” City Councilman Shea Flinn said. “I think a lot of people are going to have a problem with that number.”