More money for Schools! Wayne superintendent's $1M retirement package creates storm
Submitted by raceman60 on Fri, 01/28/2011 - 1:43pm
In 2007, the Wayne Township School Board and then-Superintendent Terry Thompson agreed to a renegotiated contract that provided a generous retirement package for whenever Thompson decided to step down.
But it wasn't until this month that board members realized just how lucrative that deal was, to the tune of more than $1 million.
Thompson, 64, who retired in December after 15 years with the district, already has received more than $800,000 of his retirement deal, which included a year's base pay at more than $225,000, as well as contract provisions that kicked in hundreds of thousands more.
But that's not all.
The contract also created the position of superintendent emeritus -- a position that has been paying Thompson $1,352 a day since his retirement to advise his successor, among other duties. That amount, over the 150 days laid out in the contract, would pay him more than $200,000 -- bringing the total to more than $1 million.