Glen Ellyn park director gets retirement pay bump

Glen Ellyn Park District's executive director will retire five days before the close of a one-year window that allows him to collect on an early retirement package he helped create.

As part of the deal, the park district will kick in about $200,000 extra to Cory Atwell's state municipal retirement fund. The net result, officials say, is that the 60-year-old Atwell will draw a pension equal to what he would have received had he worked for the district another five years.

The park district offered the package, which was approved unanimously by the park board in October 2009, to six eligible employees, including Atwell. Employees were given one year to sign up beginning last Jan. 19.

Four employees took the offer and their departures will cost the park district about $604,000 in initial costs. Under the terms of the agreements, the district can pay that sum over the next 10 years, with accrued interest, or pay each of the individual deals in one lump sum.

Officials say the long-term savings will offset the initial cost because the district plans to hire replacements for those employees at much lower salaries.

The plan is expected to save the district about $115,000 in salaries during the next five years.

“It works out well for the retirees and the park district if we hire people with lower salaries,” Commissioner Melissa Creech said. “An organization replaces executives on a routine basis so I am confident there will not be a problem finding a permanent replacement.”

The park district offered the package to anyone who had contributed to the state pension fund for at least 20 years and was at least 50 years old. Six people qualified and the four employees who took the package and have retired or will retire are Atwell, Finance Director Laurie Woods, Executive Assistant Jeanine Sesto and longtime employee Jim Rafferty.

Woods and Atwell were instrumental in the package's creation.

During the months leading up to its approval on Oct. 27, 2009, Atwell insisted he had no plans to take the offer. However, he said a family health issue last month caused him to change his mind.

He gave the district 60 days notice in November and will work his last day after 16 years with the district Jan. 14. Atwell has contributed to the pension for a total of 25 years. and will earn $140,400 during his last year with the district.

Board president Ed Hess said he was surprised when Atwell announced his retirement.

“He's a huge loss to the park district and I was shocked to hear he was going to leave,” he said. “But he has his own personal reasons and it was part of his package and he's taking advantage of it for reasons of his own.”

As a result of the new deal, Atwell says his pension will be about $66,000 a year, a bump over what he would have made without the new retirement package.

“I'd like to see him stick around,” Hess said. “I think he's worth a lot more to us working for us than the savings we'll get by him going, but I understand what he is doing and the package we put out there is a cost savings.”