Daniel LaBrado was hired as General Manager in July 2006 with cash compensation of $120,072 plus free medical insurance, a generous pension, auto allowance and relocation package.
While the last few years have been rough for the general economy times have never been better for LaBrado. In six short years, as of August 1, 2012 his compensation will have increased 60% to $191,550 with an another 5% guaranteed bump next year.
The district was concerned enough about the purchasing power of LaBrado's meager compensation to award him and only him, a COLA of up to 5% a year.
And with the heavy workload (?) of overseeing an $8.4 million park district, it is understandable that LaBrado needs to take almost two months paid vacation/ sick pay each year.
Apparently LaBrado was not satisfied with the standard 2% at age 60 pension. He was able to convinced the board using information we believe was inaccurate, that most other agencies offered pensions with a 2.5% at age 55 formula. Retire earlier with a 25% bigger pension.
If LaBrado retires at the end of his 2013 contract, his pension will be approximately $150,554 a year, or the present cash value of $3,000,000.
Now you know why he is smiling.