Arrested NJ School Head Won’t Lose All Pension Money
TOMS RIVER, N.J. (AP) — The former superintendent of New Jersey’s fourth-largest school district could still get hundreds of thousands of dollars in pension, unused sick leave and vacation time even if he is convicted of bribery and fraud.
Michael J. Ritacco surrendered to federal authorities Friday to face charges he participated in an insurance-kickback scheme that allegedly involved more than $1 million in bribes.
A state Treasury Department spokesman tells the Asbury Park Press that Ritacco’s annual pension of $155,000 would be forfeited if he is convicted, but that he can get back about $200,000 he’s already paid into the system.
A school district attorney says Ritacco also can receive up to about $53,000 for unused sick days and vacation time.
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