Brogan’s early exit means he’s no longer a million-dollar manby John Kennedy | August 9th, 2013
State University System Chancellor Frank Brogan, a former Florida Atlantic University president, acknowledged he would “take a hit,” with his move to a similar job in Pennsylvania.
He’s taking a salary cut: from $357,000 to $327,500 a year.
But the 35-year government employee will find the pay reduction cushioned by $16,029-a-month in pension payments once he leaves the Florida system Oct. 1, according to the state’s Department of Management Services, which oversees the Florida Retirement System.
Brogan’s departure is a mixed bag. Three years ago, Brogan enrolled in the Deferred Retirement Option Program (DROP) and had been in line for a one-time payout of $1.1 million if he completed the program’s five-year wind-down of his career.
By leaving two years early, Brogan instead gets the monthly pension for two years, then a $622,109 payment. All told, the longtime educator and one-time lieutenant governor will lose $102,286 off what would have been his million-dollar one-time payout, according to DMS.