Arrested NJ school head won't lose all pension $$

TOMS RIVER, N.J. (AP) - October 23, 2010

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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