Chipola president soon to be a ‘double dipper'

MARIANNA — Chipola College President Gene Prough is currently on a board-approved 30-day “retirement/separation” from the college.

The short break from the school makes Prough eligible for a lump-sum payment of $432,332 — the money that has accrued in his state retirement account — and monthly pension benefits of $6,595 for the rest of his life. Upon his return to Chipola, Prough will earn a $148,339 annual salary.

In addition, when Prough resumes his duties, he will begin accruing money in a new state retirement account.

The practice of earning pension benefits while also bringing in a full-time state salary has been termed “double dipping.” In 2008, the St. Petersburg Times reported that more than 7,700 state employees double dip, at an annual cost of $300 million.

The college’s board of directors approved Prough’s 30-day retirement at their Jan. 19 meeting. He is set to return to the school April 1. A press release at the time announced the board’s decision.

“The Chipola College District Board of Trustees on Tuesday voted unanimously to appoint Dr. Gene Prough as the new president of the college effective April 1, 2010. Dr. Prough’s retirement/separation from the college will be Feb. 28 through March 31,” the release read.

Prough is not granting interviews about college business while retired.

“He is not even in the state. He is not going to talk until” his return, said Bryan Craven, a college spokesman.

At the time of the board’s decision, Prough, 61, said he was grateful.

“I appreciate your vote of confidence. I love this school and the students here. I know that we would not be successful if we did not work together. I look forward to working with our faculty and staff to provide the best learning environment for our students,” the press release read.

In his absence, Sarah Clemmons, a senior vice president with the college, is serving as president on an interim basis.

The more than $430,000 in Prough’s retirement account, which he had rolled into an IRA, includes state payments, interest and cost-of-living increases. The current interest rate on state retirement accounts is 6.5 percent, according to the Department of Management Services.

Less than 1 percent of the more than $430,000 in the account came from Prough’s pocket, according to DMS records.

“Mr. Prough contributed $979.95 to (the account) in 1973, 1974 and 1975,” said Lauren Engel, a DMS spokeswoman. “The rest of his service was performed while the FRS was non-contributory, meaning the employer made all retirement contributions.”

Prough is not the Panhandle’s lone double-dipping college president.

When Bob Richburg, former president of Northwest Florida State College, briefly retired in 2007, he got a $553,228 lump sum payment, became eligible for monthly pension payments of $8,803 along with his $228,000 annual salary, according to The Times.