The Westside Indianapolis Wayne Township School District got a $1 million surprise when superintendent Terry Thompson retired at the end of 2010, activating the retirement package he'd renegotiated in 2007. From the Indianapolis Star:
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.
The school district attorney that reviewed the contract, Jon Bailey, had this to say:
"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.
More education fun from Reason here.