by: Diane Benjamin
Or maybe Mr. Niehaus should foot the bill for his retirement party. Received under the Freedom of Information Act, this is what Mr. Niehaus has contributed to his Illinois pension:
That seems like a lot of money until you realize his pension will pay him back in less than 2 years.
I found this on another website:
Gary C Niehaus is a Full-Time District Superintendent at McLean County USD 5 in the McLean County USD 5 School District. Niehaus has an annual salary of $213,506, which is 51% higher than the average for all district superintendents. He has 34 years of experience and his highest college degree is a Doctorate from Louisiana. http://illinois-teachers.findthedata.org/l/66330/Gary-C-Niehaus
Using the pensions calculator below, Gary Niehaus will draw a starting pension of $158,798. Not reflected on this chart is the 3% it will increase every year for the rest of his life! Any wonder he hurriedly retired before pensions are capped at $100,000? (currently under discussion) Any wonder why pensions are unsustainable?
If his 34 years in education is not all in Illinois, his actual pensions might be reduced a little.
I have no idea what “untill 61” means, the below is a snapshot from the site.
http://www.familytaxpayers.org/pension-calculator/
| Salary Last year of Employment | $224742 |
| Salary 2nd Last year of Employment | $213506 |
| Salary 3rd Last year of Employment | $207793 |
| Salary 4th Last year of Employment | $200883 |
| LAST FOUR YEARS TOTAL | $846924 |
| Divided by 4 $211731 | |
| Times 75% $158798.25 | |
| Anual increase percent 3.00% per year untill 61. | |
| Age | increase | annual pension | cumulative pension | pension year |
| 0% | $158798.25 | $158798 | 1 | |
| 1 | 0% | $158798.25 | $317596 | 2 |
| 2 | 0% | $158798.25 | $476394 | 3 |
| 3 | 0% | $158798.25 | $635192 | 4 |
| 4 | 0% | $158798.25 | $793990 | 5 |
| 5 | 0% | $158798.25 | $952788 | 6 |
| 6 | 0% | $158798.25 | $1111586 | 7 |
| 7 | 0% | $158798.25 | $1270384 | 8 |
| 8 | 0% | $158798.25 | $1429182 | 9 |
| 9 | 0% | $158798.25 | $1587980 | 10 |
| 10 | 0% | $158798.25 | $1746778 | 11 |
| 11 | 0% | $158798.25 | $1905576 | 12 |
| 12 | 0% | $158798.25 | $2064374 | 13 |
| 13 | 0% | $158798.25 | $2223172 | 14 |
| 14 | 0% | $158798.25 | $2381970 | 15 |
| 15 | 0% | $158798.25 | $2540768 | 16 |
| 16 | 0% | $158798.25 | $2699566 | 17 |
| 17 | 0% | $158798.25 | $2858364 | 18 |
| 18 | 0% | $158798.25 | $3017162 | 19 |
| 19 | 0% | $158798.25 | $3175960 | 20 |
| 20 | 0% | $158798.25 | $3334758 | 21 |
| 21 | 0% | $158798.25 | $3493556 | 22 |
| 22 | 0% | $158798.25 | $3652354 | 23 |
| 23 | 0% | $158798.25 | $3811152 | 24 |
| 24 | 0% | $158798.25 | $3969950 | 25 |
| 25 | 0% | $158798.25 | $4128748 | 26 |
| 26 | 0% | $158798.25 | $4287546 | 27 |
| 27 | 0% | $158798.25 | $4446344 | 28 |
| 28 | 0% | $158798.25 | $4605142 | 29 |
| 29 | 0% | $158798.25 | $4763940 | 30 |
Are you kidding me???
The system is broken at the expense of the kids.
GREED GREED GREED