As Illinois citizens struggle with the severe economic downturn plaguing the state, [the state's] public school employees enjoy another record year of salaries, fringe benefits and pensions.
In 2011 an amazing 14,866 public school employees made more than $100,000, up 18% from 2010’s 12,588.
Apparently there is no tax money for the barren shelves at food pantries or the lack of beds at homeless shelters or to support the handicapped.
But there is enough tax money to pay for:
• A Phys. Ed teacher $203,154 for a 9 month work year.
• 14,866 teachers made more than $100,000 in 2011.
• 21 who made more over $1,000/day ($170,000/yr.)
• A Drivers Ed teacher who salary is $18,222/month to teach teenagers how to parallel park.
• 13 teachers make more than the Governor’s $177,500.
• Top 100 Teachers average $18,169 per month salary ($163,579/yr).
And all of that is for a 36-week work-year (182 day contracts).
These Top 100 Salaries Do Not Include Massive Amounts of Fringe Benefits
Add about $48,000 each for state pension contribution (30% of salary) and at least $7,500/yr health insurance benefits. Then include 15 days sick leave payable at retirement if not used, 2 personal days [a year] and up to $300,000 payment to the Teachers Retirement System by the local school district if they decide to take early retirement (see "Anatomy of a Teachers Contract" here).
And what is the value of a guaranteed $100,000 job (called “Tenure”) for as long as you want it?
Bill Zettler asks, "Should public employees who average a mere 32 years of 9 month work retire at an average age of 57 with an average payout of $3.7 million?"
After only 20 months of retirement, the average teacher will have received more in pension benefits than the sum total of all of their contributions.
For instance, Karen Koval, a dance teacher, received a taxpayer-funded $188,837 early retirement payout. That will be added to her salary of $165,888, for a taxpayer total of $354,725. Therefore, dance teacher Koval will retire with a pension that will payout about $3.5 million over her expected lifetime.
Sounds real sustainable to me.
Hat tip: Just the Tip.