If Denver Public Schools Superintendent Michael Bennet is appointed to the U.S. Senate later today as expected, he will actually be taking a pay cut while simultaneously moving to a substantially more expensive city.
BennetDenver Public Schools
In a capitol press conference, Gov. Bill Ritter today announced Bennet’s appointment to the U.S. Senate. He will be replacing Sen. Ken Salazar, who is expected to be confirmed as Interior Secretary within the month.
The move to Washington for Bennet would actually mean a pay cut. According to his DPS contract (PDF), he may earn up to $200,000 or more per year, including a base salary of $160,000 plus substantial performance-based bonuses. He has 20 days of built in vacation time plus personal and sick leave. In 2008, U.S. Senators made $169,300 annually. Congress, however, recently benefited from a built in pay increase and will now get an additional $4,700 next year.
According to Salary.com, the cost of living in Washington D.C. is 44.5 percent higher than the cost of living in Denver, and Bennet would have to earn $289,094 in order to maintain his standard of living. Put another way, Bennet will experience a $81,899 net decrease in disposable income.
Prior to serving as DPS superintendent, Bennet was Denver Mayor John Hickenlooper's chief of staff. He was also managing director of Anschutz Investment Company from 1997-2003. Bennet’s days at Anschutz reportedly left him well-off, which is why he probably isn't bothered by the pay cut.
But after beating out a crowded field of contenders, including Hickenlooper and Dem Golden Boy Andrew Romanoff, money is probably the last thing on Bennet's mind.
Here at FTS, we applaud Ritter's ability to look past his own union ties to appoint an education reformer who has regularly fought labor lethargy in the name of true education reform.