The Lowell Sun reports today that on his way out, Town Manager Dennis Piendak will be getting a sizable check of about $300,000 made up of sick-time and vacation buy-back, and a contracted bonus for providing for an extended transition.
Totalled up, it sounds like a lot, but about $260,000 of that actually is accounted for as 71 weeks of sick time and nearly 40 weeks of vacation he didn’t take over 27 years.
In today’s time, I would never agree to such buy-back terms in a contract, but 25 years ago it was common.
Just two years ago we were concerned about $200,000 in sick time buyback that was going out to a small number of retirees at the school department.
New contracts limit such buy-back provisions, capping buy-back for both sick-time (which I think should be $0.00) and vacation time. Society has learned that benefits such as these were excessive, and the local taxpayers just can’t support them anymore.
Piendak has offered to accept the sick time over a number of years without interest. Its probably a win-win for both the town and him to do so.