REVIEW OF MICHAEL ELLIS COMPENSATION- VILLAGE MANAGER OF GRAYSLAKE
In 1998, as a newly hired village manager Michael Ellis was making a starting base salary of $93,000 (see contract). Today, Ellis makes $259,252 on base salary with other benefits increasing total compensation between $350,000 and $400,000 annually. More than salary, it’s also about the cost of perquisites and other benefits.
Ellis has a contract in force since 1998 that currently provides for:
A full year of salary and health insurance if he is terminated.
Full annual automobile reimbursement.
Taxpayer funding of a second retirement plan- a “deferred compensation retirement plan”
in addition to funding his lucrative public pension plan…
. Taxpayer funded premiums into a whole life insurance policy (a de facto third retirement plan) equal to a death benefit amount of Ellis’ full annual salary. Ellis chooses the plans beneficiary and keeps all cash value and benefits at retirement.
Generous sick and vacation provisions to accumulate and pay-out unused days.
Taxpayer funded full tuition reimbursement to continue his college “continuing education”.
Travel and all expenses annually to a “national conference”
A “NO- REDUCTION” clause in contract preventing Grayslake from reducing Ellis salary or benefits individually; all reductions have to be across-the-board for all village employees.
The perks and benefits are worth at least an extra $115,000 per year. Without additional foia’s, we conservatively estimate the following taxpayer costs:
pension payment ($42,000),
deferred comp plan ($10,000),
whole life policy ($10,000),
severance and “no-reduction” clause (1/10th chance of occurrence, $28,000 value),
sick & vacation days ($5,000),
annual health insurance cost ($15,000).
Therefore, salary of $259,252 plus $115,000 equals $374,252.
Without a full, in-depth compensation analysis, we estimate that Ellis has a contract worth between $350,000 and $400,000 annually.
Background: 57 city & village managers and administrators out-earn all 50 governors. New York is the highest paid governor at a salary of $179,000; the second highest paid governor is Illinois at $177,500. http://www.therichest.org/nation/highest-paid-america-governors/
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