A school superintendent in Fresno, California, Larry Powell, is going to save his school district $830,000 over the next three years by taking a pay cut from $250,000 a year to $31,000. Powell will "retire" for one day on August 31, and then be rehired the next day at the new pay rate. He'll also sacrifice $50,000 worth of benefits.
All of this comes in the wake of California cutting public education budgets by nearly $20 billion over the past three years.
Powell says he and his wife have enough money for a comfortable retirement, and that the extra funds for the district will be helpful "if we face mid-year cuts." The superintendent will have final say on where the money is directed, and he anticipates some of it going to preschool or art programs, both of which face cuts. He also claims that at least a dozen other teachers and administrators have taken similar pay cuts.