After announcing his retirement after only a year in his position, Palos Verdes Estates Police Chief John Eberhard called rumors of pension spiking "absolutely untrue," the Palos Verdes Peninsula News reported earlier this month.
"Everybody comes to a point where they decide the have had enough," he told the newspaper. "I hit a point maybe three months ago that I was ready to go … If I had known a year ago that I was going to be ready to retire, I would have not taken the position."
So-called "pension spiking" occurs when an employee takes an artificially large raise or higher salary in the years before retirement solely to increase the size of his or her pension.
Eberhard announced his retirement Aug. 27; his last day on the job is Oct. 31. Upon his departure, PVE will hire an interim police chief until a permanent replacement is found.
- Full story: Police Chief's Retirement Unexpected [Palos Verdes Peninsula News]