Pensions for teachers vs. chancellors
It seems fair to note that after making a public stink about the awfulness of pensions for public school teachers, former New York City schools chancellor Joel Klein has himself accepted a $34,000 pension check.
Klein recently penned an op-ed published in the Wall Street Journal titled “Why Teacher Pensions Won’t Work,” in which he equates the pension system for New York City’s public teachers to a Ponzi scheme.
But apparently, he doesn’t feel the same way about pensions for former chancellors.
The New York Daily News reported that shortly before that op-ed was published, Klein “walked into the city's teacher pension office to collect his own annual windfall,” which was a pension check for $34,000.
That’s the amount he will collect annually as a pension for serving eight years as schools chancellor. Add that to the big salary he is making as the new executive vice president in the office of the chairman of Rupert Murdoch’s News Corp.
According to Bloomberg News, Klein will receive a base salary of $2 million a year, plus a $1 million signing bonus, and will be eligible for an annual bonus of at least $1.5 million.
I’m sure there’s a good explanation for why teachers’ pensions are a lousy idea but not a chancellor’s pension. I just don’t know what it is.
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| January 20, 2011; 5:36 PM ET
Categories: Teachers | Tags: chancellor klein, joel klein, klein pension, new york city schools, pensions, ponzi schemes, schools chancellor, teachers pensions
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