OMAHA, Neb. (KMTV) — On Wednesday, Omaha Mayor Jean Stothert’s office released information about Omaha Police Chief Todd Schmaderer’s tentative retirement in five years.
Schmaderer became eligible for retirement last month but will enter the Deferred Retirement Option Program (DROP) which allows officers to continue working and contributing to their retirement fund but ends benefit accrual.
"I am pleased that Chief Schmaderer will continue to serve as our police chief. We have made a lot of progress together to make Omaha a safer city," said Mayor Stothert. "He is a valued member of my team, an advisor and friend. He is a strong and respected leader in the police department and in our community."
Stothert’s office said the DROP program has helped keep the Police and Fire pension funded in addition to keeping “experienced personnel for up to five additional years from when they typically would have retired."
Schmaderer has served the Omaha Police Department for 25 years and “is the second-longest serving police chief in the city's history and one of the longest-serving major city chiefs in the country,” according to a release from Stothert’s office.
In addition to a lump sum of funds paid into his retirement from the time Schmaderer enters the program to his retirement date, Schmaderer will receive $14,796.45 on a monthly basis. He would receive that same monthly payment if he had chosen to retire now.
You can read the full release from Stothert’s office below: