Ritacco's Pension Revoked by State Board

The pension owed to disgraced former Toms River Regional Schools Superintendent Michael J. Ritacco was revoked by a state board Thursday.

State treasury officials confirmed to Patch that a unanimous vote Thursday morning by the Teachers’ Pension and Annuity Fund board resulted Ritacco's pension being totally revoked.

Ritacco is currently serving an 11 year sentence in federal prison for his role in a bribery and kickback scheme that cost taxpayers as much as $10 million.

"I personally agree with the decision," said Toms River Regional school board president Ben Giovine. "I don’t feel the taxpayers should have to fork over another dime to the former superintendent."

The district, which is owed restitution, received an insurance payment of $909,000  – the first money received by the district related to the scandal – in November.

The payment represents the first installment of $2.3 million the district is owed by its insurance carrier, said Stephan R. Leone, the school board's attorney. An additional $4.3 million is owed to the district by Ritacco himself through court-ordered restitution.

"We have received some monies through the insurance process, and we’re still working closely with the U.S. Attorney’s office to go after areas of garnishment they’re trying to receive," said Giovine, who added that he hoped the pension revocation would represent the "final chapter" of the Ritacco era being closed.

"The board itself has moved forward, and the district itself has continued to move forward," he said. "The last thing anyone wants to see is forking over more taxpayer dollars to someone who betrayed our trust."