Q An A...What Is Double Dipping? This Has Nothing To Do With Ice Cream
Courtesy of USAToday.com
States are cracking down on a controversial practice that lets government workers collect pension benefits while continuing to work for a salary.The practice — called "double dipping" — lets tens of thousands of state and local workers retire, collect pension benefits and then keep working, often at the same job.
Double-dipping is legal in nearly every state under existing pension and hiring rules. It is especially common among educators, police officers and others who retire young after 20 to 30 years on the job.
States are limiting double-dipping in response to newspaper reports and audits. The St. Petersburg Times found that Florida has more than 8,000 double-dippers and 121 "triple-dippers" — workers enjoying two pensions and a salary. As the Florida Retirement System puts it, workers may "retire without terminating employment."
Wise Owl