For the Good of Illinois

Subscriber Special: $137K Golden Parachute for IL Pension Fund Manager

July 20, 2018 08:00 AM
(not rated)
header_image
"Illinois citizens are tired of taxpayer abuse, golden parachutes, and huge payouts on their dime. No public employees deserve a six-figure
parting gift at termination or retirement."
 
Video_(2)
 
Fox_News_Screen_Shot
 
3
 
The retiring executive director of the Illinois State Board of Investment (ISBI), William Atwood, received a $136,577 special gift after a 15-year career at the 4th largest pension fund. Atwood cashed in 144 days of unused vacation time last week. So much for fiscal accountability.
 
Atwood announced retirement via press release on June 29, effective immediately. Atwood had banked 144 unused vacation days. Under the Illinois Personnel Code, state employees are able to cash in 50 days of unused vacation time upon retiring. We thought these rules applied to Atwood, too, but that wasn’t the case. 
 
Over the first seven years of his employment (2003-2010), Atwood accrued 144 days of unused vacation time. In 2010, the ISBI board carved out an exception for Atwood, capping his vacation bank at 144 days rather than 50. 
 
Atwood was already receiving one of the largest salaries in the state. In 2005, Atwood received $186,750. By 2017, his salary had increased to $246,200 – the 32nd largest salary among nearly 75,000 disclosed state employees. In 2018, Atwood received six months’ compensation plus his cashed in vacation bank ($136,577) for a total $269,900.
 
It’s a classic case of Illinois insiders and politically powerful profiting at the expense of regular people. There are 142,000 public employee beneficiaries of this pension fund.
 
Illinois citizens are tired of taxpayer abuse, golden parachutes, and huge payouts on their dime. No public employees deserve a six-figure parting gift at termination or retirement.
 
Watch the FOX32 video and learn more about this story on our website, click here.
 
Remember, It's Your Money! Join the Transparency Revolution!
Adam_signature
 
Adam Andrzejewski (say: Angie-eff-ski)
 
 

Back

 

Comments

 

Rate this News Article:



 
   Indicates required field
Name
 
City
 
Email
 
State
 
Comment
 

2000 characters left

Please enter text you see below
 

No comments have been posted to this News Article