After 34 years of teaching sociology at the University of Illinois at Chicago, I recently retired at age 64 at 80 percent of my pay for life. This calculation was based on a salary spiked by summer teaching, and since I no longer pay into the retirement fund, I now receive significantly more than when I “worked.” But that’s not all: There’s a generous health insurance plan, a guaranteed 3 percent annual cost of living increase, and a few other perquisites. Having overinvested in my retirement annuity, I received a fat refund and—when it rains, it pours—another for unused sick leave. I was also offered the opportunity to teach as an emeritus for three years, receiving $8,000 per course, double the pay for adjuncts, which works out to over $200 an hour. Another going-away present was summer pay, one ninth of my salary, with no teaching obligation.
Hat tip to NewsAlert.