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07 February 2011

Read the Fine Print Before You Approve Those Contracts

The Indianapolis Star exposes a $1,000,000 retirement package for a school superintendent.

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.

Remember this story and the thousands like it the next time a politician tells you they need more tax money. How 'bout you cut the ridiculous costs you're incurring before you come to me and my family and demand more money?

Hat tip: Reason Magazine

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