ST. LOUIS, MO (KTVI) – Our investigation uncovers the huge pension payoff that Jeff Theerman will get. He already has another job lined up. Theerman walked out the door with about $58,000 in cash all courtesy of the taxpayers.
Theerman has been with MSD for 28 years. He was named Executive Director in 2004. He was earning $198,219. His Pension will total $94,781.52 for life.
On top of that you paid him $50,000 for unused sick days, $6,363 for unused vacation time and $1,524.77 for floating holiday leave.
According to MSD Board Chairman Bob Berry, Jeff Theermans Pension plan is not out of whack with other officials in surrounding agencies.
But that’s not altogether true. Two years ago MSD revamped it’s pension plan, slashing the pension benefits you’ll pay. But that only applies to new hires. Current Employees keep the same sweet deal that’s allowing Theerman to walk out the door with a $95,000 cushion.
MSD Watchdog Tom Sullivan calls it a bad deal for ratepayers for the agency to pay top executives so much when the average worker is struggling.