The $1 million good-bye

An Indiana school superintendent received a $1 million retirement package, reports the Indianapolis Star. The Wayne Township School Board agreed to the deal with then-Superintendent Terry Thompson in 2007.  Board members now say they signed without knowing the costs.

Thompson, 64, retired in December after 15 years with the district. He received a year’s base pay at more than $225,000, hundreds of thousands of dollars for unused vacation and sick days, a $35,000 early retirement bonus and a consulting contract as “superintendent emeritus” that has been paying Thompson $1,352 a day to advise his successor.

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.

In addition, the contract called for one other perk — a onetime $15,000 stipend for “retirement planning.”

Thompson already has collected about $800,000 but is now “negotiating” to resign the superintendent emeritus job.

Since 2007, Wayne Township schools have cut 127 teaching positions;  teachers did not receive a raise last year or this year. In addition, the district cut funding for elementary sports and math textbooks.

About Joanne