The Absolute Latest on the War Between Public & Private Sector Workers or, The Next Time Someone Tells You Educators Don't Make Enough, Tell Them About This $26 Million Dollar Man
Via Mark Hemingway's Twitter feed and Michael Barone's Examiner blog comes this nauseating tidbit:
Via Tom Elia of the New Editor, here's a list of the top 100 pensions of Illinois school administrators. The valuations represent the worth of the pension assuming the beneficiary retired at age 56 with a life expectancy of another 29 years. The average value of these pensions is $8.879,257.90. The number one pension goes to Neil C. Codell of Niles Township Community High School District (a suburban area just north of Chicago and just west of the lakefront). Mr. Codell's salary is $885,327 and his estimated first-year pension is $601,978. The pension is valued at $26,661,604.
You got that? More from the original New Editor piece, which headlines its bit "And you thought California's pensions were out of control?" and notes "The total estimated cost of these pensions is almost $1 billion—at $887,925,790—for 100 people!"
Previous discussions of the massive, growing, and unsustainable differences between public and private sector economics.