The College Fix

How is that even possible? I know – it boggles the mind.

But the New York Post reports that 90-year-old retired Queens College history professor Edgar McManus gets a city pension of $561,286 a year, citing newly released figures obtained thanks to a Freedom of Information Act legal battle by the Empire Center for Public Policy, an Albany-based think tank.

The pension is administered through the Teachers Retirement System, which handles some pensions for former employees of the City University of New York, the public university system of New York City consisting of 24 institutions, including Queens College.

So how did McManus rack up such a payout? The Post reports:

With his World War II military service added in, McManus was credited with 61 years of service for pension purposes. His pension is based on 1.2 percent of his final salary for each year before 1970, 1.53 percent for each year after 1970, and accounts amassed with investments of his own and city contributions. His payments are also bigger because he retired so late in life.

And he’s not alone. “Fifteen other retirees collect more than $200,000 a year … and 1,796 retired educators get more than $100,000 a year,” the Post reports.

Well, now we know why the cost of education is increasing.

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