Mayor's annual salary would jump with move to city schools - WMC Action News 5 - Memphis, Tennessee

Reported by Anna Marie Hartman

Mayor's annual salary would jump with move to city schools

If Memphis Mayor Willie Herenton heads back to Memphis City Schools as superintendent, he'll get a raise, but he'll lose some of the retirement benefits he currently receives.

Whatever he decides to do, Herenton could retire from public service all together and continue to draw a healthy paycheck.  

Herenton has already invested at least 44 years of his life in public service.  Twenty-eight of those were spent with Memphis City Schools, while he has been mayor for a little more than 16. 

If Herenton follows through on his plan to leave office in July and return to the city school system, he would not make as much additional income as it might seem.

Currently as mayor, Herenton collects an annual salary of $171,500.  He also receives a retirement benefit from Memphis City Schools in the amount of $83,379 per year, for a total annual income of almost $255,000.  
 
If he is hired on as superintendent of Memphis City Schools, Herenton's salary would jump to $260,000.   He would also begin receiving an pension from the city in the amount of $69,114 dollars a year, bringing his annual income to just over $329,000.

But as superintendent, Herenton would not continue to receive his city school retirement money, so he would temporarily lose $83,000 per year in retirement benefits until he retires from the school system again.

Then, depending on how much time he spends in the school system, his pension would increase.  In the end, if Herenton's career objectives go as planned, he'll make an additional $74,000 a year as school superintendent. 

When he retires from public service for good, he'll make at least $152,000 per year for the rest of his life. 

Additionally, if Herenton heads back to city schools and serves at least thee years, the retirement system would recalculate his pension and it would go up - a calculation that would be based on the many years he's already served with Memphis City Schools.


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