Retirement, health care boost earnings
For about $118,000, Crete-Monee School District is helping Superintendent John Rodgers retire early.
Phyllis Wilson, superintendent at Joliet Grade School District, is receiving a year's salary of $228,355 as part of her retirement enhancement plan.
Plainfield School Board gave Superintendent John Harper an additional 100 sick days in his new contract that will help ensure an early retirement.
Those are just some of the perks school boards give their superintendents when they retire.
"The school board has elected to buy nine years of service credit for John Rodgers so that the district will not have to pay an Early Retirement Option cost to TRS upon John's retirement," wrote accounting supervisor Robert Groos in an e-mail.
"Buying the nine years of service credit will cost the district approximately $118,000, which is significantly less than the potential Early Retirement Option cost to TRS."
Wilson, who was scheduled to retire in June, has already received part of that amount through two 20 percent raises in the 2007-2008 and 2008-2009 school years.
Wilson's base salary will remain the same, at $228,355 through June 2011. That's the amount Wilson receives as part of a 40 percent -- or $69,775 -- salary bump she received in the past two years to boost her retirement benefits, according to her contract.
Because Wilson already received the two 20 percent increases, she will receive one-fifth of her final base salary -- about $45,671 -- each year for three years after she retires. That's a total of about $137,013.
Laraway School District's superintendent will receive a post-retirement lump sum payment of $3,000 for each year of service in the district. The board will put that money into an annuity on behalf of Doug Hesbol, who has worked in the district since August 2004. His current contract expires 2013. If he retires in 2013, he will receive $27,000.
The board also agreed to pay for Hesbol's and his spouse's medical and hospitalization insurance, including dental and vision until each of them turn 65 or are eligible for Medicare. If Hesbol dies before he turns 65, the board will continue to fully pay for the widow's health plan with no required contribution, according to the contract..
David Middleton, superintendent of Minooka High School District, will receive a post-retirement incentive of $10,000 if he retires in June 2010 or $20,000 if he retires in June 2011. His contract ends in June 2011.
Joliet Township High School Board agreed to pay the full premiums for hospitalization, major medical, vision and dental insurance for Superintendent Paul Swanstrom and his spouse until he turns 65 or becomes eligible for Medicare. If Swanstrom dies before his spouse, she will receive the same coverage until she turns 65 or becomes eligible for Medicare.
With his 100 sick days, Harper now has a total of 524.5 sick days, according to the contract that was approved in March. This will allow Harper to retire two years early at age 55 in 2014. He will use 340 days of unused sick leave, which will covert to two years of service credit, leaving a balance of 184.
The board has also agreed to pay Harper's single PPO insurance coverage.
If Harper's contract is terminated because of a extended absence for physical or mental disability, Harper will be paid for unused sick leave up to a maximum of $30,000.
If Harper is not able to reach 35 years of creditable service as of June 30, 2014, the board has agreed to give him a job. If Harper's accumulated sick leave drops below 340 days, Harper's contract will be extended for one year. Harper will be put in a certified position to be determined by the board. Harper's salary will be equal to the pension he would have received if he retired July 1, 2014, according to the contract.
"I work out every day as does my wife. If we stay in the district after retirement we wanted staff privileges on the workout equipment," Wyllie said. "I see no cost to this."
