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Old 05-22-2014, 01:58 PM
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Mary Pat Campbell
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Join Date: Nov 2003
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ILLINOIS

http://politics.suntimes.com/article...14-536pm#bmb=1

Quote:
Pension payouts: $590,911.

Legal and audit expenses: $147,140.

Income from sponsors and royalties: $647,633.

Profits from games broadcast on TV, radio and the Internet: $66,095.

All of the above are part of the Illinois High School Association’s most recent audit filed with Illinois attorney general, covering the 2012-2013 school year.

But because the high school sports governing body is a private, not-for-profit organization, it doesn’t need to report anything more about its legal fees, pension costs or the terms of its sponsorship and television deals.

Spoiler:



Quote:
When pressed, Troha would acknowledge only that “there are currently 17 individuals receiving pensions from the IHSA.”

About six years ago, the association switched employees to a 401(k) plan because its pension plan — modeled after the state Teachers’ Retirement System — had become too great a financial burden to keep extending to its 25 full-time employees.

“Defined-benefit [pension] plans are extremely expensive. It’s similar to what the state is dealing with” in terms of skyrocketing pension costs for government workers, says Hickman, the IHSA executive director. “We recognized several years ago that continuing to provide a defined-benefit plan was going to become very cumbersome.”

Employees who were in the plan had their years of service capped as of July 1, 2008. Still, the association paid $425,000 into its $8.7 million pension fund last school year — and expects to pay out more than $7 million in pension benefits between this school year and 2023, records show.
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