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Thread: School Superindent gets a nice retirement ''bonus''

  1. #1
    Olympic Champ r.payton@att.net's Avatar
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    Default School Superindent gets a nice retirement ''bonus''

    Some are questioning why retired Wayne Township Schools Superintendent Terry Thompson is taking with him a payout of more than $500,000.According to a copy of Thompson's contract, he was paid a severance of more than $283,902 -- the same amount as his 2010-11 salary -- when he retired in December after 15 years with the district, 6News' Kara Kenney reported.Thompson also received $15,000 for "retirement planning" and will stay with the district for 150 work days as a "superintendent emeritus," for which he will earn $1,351.91 a day for more than seven months, the contract states.

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    Olympic Champ RYou's Avatar
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    Default Re: School Superindent gets a nice retirement ''bonus''

    That's the norm in NJ only you can add an additional $1,352.91 per day for each every sick and vacation day not taken during those two years. Considering some schools contract for 15 sick days, it's easy to run up an extra year of pay as a severance stipend.....and that offer stands for all - from the super to the toilet cleaner. It's THE bugaboo I have with public service contracts.
    Life's not the breaths you take, the breathing in and out that gets you through the day ain't what it's all about. It's the moments that take your breath away.

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    Default Re: School Superindent gets a nice retirement ''bonus''

    My best friend is a school teacher. He started in 1995 with 15 sick days per year that carry over every year with no cap. He now has over 120 sick days and is still adding to it. His goal is to retire with at least 1 year of pay owed, mayber 2 if he plays his cards right. His current pension will pay him over 35k per year and he's adding to that every year, too.

    He is one of the few teachers that I know, who knows he's lucky and does not complain about his pay or contract.

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    Olympic Champ RYou's Avatar
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    Default Re: School Superindent gets a nice retirement ''bonus''

    ...and he's making $200 a day today which will be $400 per day when he retires and they'll pay him 250 days at the going rate of $400 per day on the day after he retires.

    You won't that deal anywhere in the private business world.

    The worst part, it is not considered a pension benefit so every public entity is incurring that debt as an unfunded liability.
    Life's not the breaths you take, the breathing in and out that gets you through the day ain't what it's all about. It's the moments that take your breath away.

  5. #5
    Olympic Champ r.payton@att.net's Avatar
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    Default Re: School Superindent gets a nice retirement ''bonus''

    A retired superintendent under fire for accepting a $1 million payout will offer his resignation from his consulting position, 6News learned Monday.Former Wayne Township schools superintendent Terry Thompson is expected to reach an agreement with the district this week, according to Jon Bailey, the school district's attorney who reviewed the contract in 2007, 6News' Kara Kenney reported."In hindsight, I wish I had done more to inform the board," Bailey said, adding that at the time, he thought the board was aware of what they were signing.<table class="storyAd" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="storyAdObj"> <noscript></noscript> <noscript></noscript> <noscript></noscript> </td></tr></tbody></table>Last week, board members asked Thompson to resign his superintendent emeritus position, which pays $1,300 a day for seven months.Bailey said that because Thompson's successor came from within the district, the emeritus position may not be necessary for the transition.If Thompson resigns as superintendent emeritus, it could save the district $200,000. He retired in December after 15 years with the district, receiving more than $800,000 in severance.In an Aug. 4 memo, Thompson detailed $10.2 million in budget cuts the district made since 2007, including trimming 127 positions.Budget documents showed the district also made reductions in other areas, such as elementary basketball, math textbooks and energy costs, while teachers did not receive a raise in 2009-10 or 2010-11 school year.The State Board of Accounts said it will look into the matter when the district is audited in the fall.
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  6. #6

    Default Re: School Superindent gets a nice retirement ''bonus''

    As one who sees nothing of what you folks are talking about-nor the article talks about-I'm here to defend these public servants and add some sanity to this by offering this article.

    I think you all will learn a lot. http://www.journal-news.com/opinion/...s-1053602.html
    UNI Panthers...Because it's just right.

  7. #7

    Default Re: School Superindent gets a nice retirement ''bonus''

    Quote Originally Posted by RYou View Post
    You won't that deal anywhere in the private business world.
    Looks like you may be right.
    http://www.forbes.com/wealth/forbes-400/gallery
    http://www.forbes.com/2007/05/03/hig...3ceo_land.html
    UNI Panthers...Because it's just right.

  8. #8

    Default Re: School Superindent gets a nice retirement ''bonus''

    I am not sure what your response meant, Ban. Are you saying that tax payers have to give Bill Gates money against their will? If so, I will fight it as hard as I fight every school levy our district tries to pass.

    Or were you trying to showcase why the private sector is much better and whining about more taxes doesn't pay off in the end?

  9. #9
    Olympic Champ r.payton@att.net's Avatar
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    Default Re: School Superindent gets a nice retirement ''bonus''

    I believe the entire problem is this man cut 127 positions and $10.2 million dollars in cuts and froze teachers pay yet gets $800,000.00 in severance pay IF he agrees to retire-other wise he will get well over a million . This contract was never approved by anyone save the school board and the contract was never made public. So we have a pretty much useless superindedant cutting millions off the budget, laying off teachers and freezing pay and walking off with millions.
    Wayne township has 2 sets of grad rates -his -85% and the states 49%-I think the tax payers have a right to be upset. But Ban is the expert and FACT man .

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