Vicky Smith
Next Thursday’s McHenry County College Board meeting will consider giving outgoing President Vicky Smith a “post-retirement stipend.”
It is nowhere near as large as the Golden Parachute that ex-President Walt Packard was granted, but it did surprise me.
Here’s what the agenda for the 6:30 April 23rd meeting says:
ACCEPT AND APPROVE DR. SMITH’S NOTICE OF INTENT TO RETIRE AS OF DECEMBER 31, 2015, AND GRANT DR. SMITH A POST RETIREMENT STIPEND OF $1,875.00
Why?
She had a golden parachute, otherwise known as a pension.
The adjunct instructors there work for peanuts, with no benefits. Give the money to them.
Is that per month, for life, with survivor benefits, subject to COLA?
According to:
http://www.bankrate.com/calculators/investing/annuity-calculator.aspx
the present value of a 30 year annuity with $1875 monthly payments given 30 year T-bond rates is over $475,000.
But that is too low because it doesn’t factor in survivor beneofts or COLA.
I really don’t get $1,875 stipend.
Is that a one-time stipend or a monthly stipend?
Also looking at the board report, why isn’t the newly seated board discussing item #15(Discussion for electing new President?
A post retirement stipend is probably not pensionable income.
An email to MCC would reveal the answer.
Or in the unlikely even the Board or Administration does not know the answer, could check with the SURS Pension fund who would want to know the particulars.