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      Money Watchers: Cranston police chief's retirement payout

      Cranston Mayor Allan Fung answered NBC 10's questions Tuesday about the retirement of Police Chief Marco Palombo Jr.

      Palombo was reinstated for one day on Monday so the mayor could accept his retirement letter.

      The police chief was placed on paid administrative leave in January amidst a scandal involving parking tickets.

      Cranston officers allegedly issued more than 100 parking tickets in wards represented by two City Council members who voted against a proposed police contract.

      Was Palombo put on leave as retribution?

      "The reason that we had put him on the paid administrative leave back when we did was for two twofold purposes. Not only for an independent review of the police department for that objective assessment, but also so that state police can conduct their investigation surrounding the ticket allegations," Fung said.

      Fung said the state police investigation is ongoing.

      NBC 10 requested records from the city and what they reveal is that the chief will receive an estimated total annual pension of $79,202.25.

      But that's not all.

      Palombo is also entitled to $12,161 in deferred holidays, $23,127 in sick time and $37,196 in vacation time, in addition to other payments.

      City records say his "estimated termination pay" totals $93,927.26.

      NBC 10 asked about any public perception about letting a police chief retire before the state police investigation is complete.

      "There was never from the outset any type of even implication that the chief was involved, so there's nothing on that scope," Fung said.

      State police Capt. Kevin Barry is leading the police department until a new chief is hired.