THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: WEDNESDAY, June 29, 1994 TAG: 9406290413
SECTION: LOCAL PAGE: B4 EDITION: FINAL
SOURCE: BY TONI WHITT, STAFF WRITER
DATELINE: 940629 LENGTH: PORTSMOUTH
``I have an opportunity to retire at an earlier age,'' Cherry, 48, said. ``I want to pursue some other career challenges.''
{REST} Cherry's decision comes just months after the council voted to adopt a new plan that allows police and firefighters to collect 60 percent of their salary after 20 years of service.
The council in 1970 changed the police and firefighters pension system to permit city managers to join it. In 1990, the council amended the policy once again, permitting Cherry to join.
This year, the council voted to fund a portion of a plan that will allow pension members to retire after 20 years with 60 percent of the average of their highest three years in pay; 70 percent after 25 years, and 75 percent after 30 years.
Under the new plan, Cherry will take home about $56,700 annually in retirement pay. His wife will receive half that amount if she outlives him.
Cherry, who began his career with the city in 1971 as an administrative assistant, said he has not found another job. He said he is retiring on July 1, solely because of the financial benefits of the plan.
Cherry has served as the city's comptroller, director of finance, an assistant city manager and, over the past four years, as the deputy city manager.
After taking time off to sail his new boat, Cherry said, he will ``devote his energies to pursuing another career.'' by CNB