Former New Orleans mayor opts to cash out pension, records show

Former New Orleans Mayor LaToya Cantrell has decided to cash out her pension. According to records obtained by WDSU, instead of receiving monthly payments from her pension when she turns 65, Cantrell has opted to receive a lump-sum payout. Had she opted to receive payments at the state retirement age of 65, she would not get her pension until 2037, and it would be around $3,000 a month for the eight years she served as mayor. Cantrell, who is facing federal criminal charges, could lose her entire pension benefit if convicted or if she pleads guilty to the charges she is facing, which include wire fraud, making false statements, obstruction of justice and false declaration before a grand jury.Cantrell has plead not guilty. Her pension benefits are based off her highest salary as mayor. She made almost $200,000 when she left office earlier this month. Cantrell will not get a full payment. She is required to withhold 20% of her pension for tax purposes. According to state records, Cantrell will receive a lump-sum payment of around $69,000 from her pension. It is unclear when she will receive the payment or if she will receive it all at once. This is a developing story. Stick with WDSU.com.

NEW ORLEANS —

Former New Orleans Mayor LaToya Cantrell has decided to cash out her pension.

According to records obtained by WDSU, instead of receiving monthly payments from her pension when she turns 65, Cantrell has opted to receive a lump-sum payout.

Had she opted to receive payments at the state retirement age of 65, she would not get her pension until 2037, and it would be around $3,000 a month for the eight years she served as mayor.

Cantrell, who is facing federal criminal charges, could lose her entire pension benefit if convicted or if she pleads guilty to the charges she is facing, which include wire fraud, making false statements, obstruction of justice and false declaration before a grand jury.

Cantrell has plead not guilty.

Her pension benefits are based off her highest salary as mayor. She made almost $200,000 when she left office earlier this month.

Cantrell will not get a full payment. She is required to withhold 20% of her pension for tax purposes.

According to state records, Cantrell will receive a lump-sum payment of around $69,000 from her pension.

It is unclear when she will receive the payment or if she will receive it all at once.

This is a developing story. Stick with WDSU.com.