D112 CFO Will Retire Later This Year ... for the 2nd Time

CORRECTION (April 13, 2016): The original version of this story incorrectly stated North Shore School District 112 chief financial officer and treasurer Mohsin Dada would be earning a second state pension through the Illinois Municipal Retirement Fund after retiring from the district. Dada, however, has not met that fund's eligibility requirements and will not be collecting a second pension. Patch regrets the error.

HIGHLAND PARK, IL—After it was announced at Tuesday's board of education meeting that he was retiring, Mohsin Dada talked about his main goal during his five-year tenure as the North Shore School District 112 chief financial officer and treasurer.

“My objective was to make sure that when I leave the place is in a better position than it was when I started. It is ...," Dada said at the meeting, according to the Daily North Shore.

Dada, who has been the district's CFO since 2011, will retire later this year, and he thanked board members and other district officials for their hard work during his time there.

Superintendent Michael Bregy praised Dada's dedication to his job , the Daily North Shore reports:

"We’re going to miss you after this school year ends and we’d like to say thank you very much for your service certainly for the last five years here at North Shore.”

Interestingly, this is Dada's second retirement in the past five years from an Illinois school district job. In 2011, he retired as the assistant superintendent and treasurer for Schaumburg Township Elementary School District 54, a position he held for 15 years.

With that initial retirement, he collects an annual Teachers' Retirement System pension of a little more than $262,000, and his D112 salary in 2015 was almost $250,000, according to OpenTheBooks.com. Dada will not be receiving a pension from D112. At the time of his retirement, he will not have met the eligibility requirements for a pension through the Illinois Municipal Retirement Fund.

Dada's two revenue streams—his pension and his D112 paycheck—earned him a place on Forbes magazine's "Big Dogs" of Illinois Municipal Government list in 2015. As of December 2015, Dada also had the 11th highest TRS pension payout in the state.

Dada's salary, however, did cause problems for D54. He received three consecutive 22 percent pay increases in his final years before retirement, making him the third highest paid public school employee in Illinois. But state law requires districts to pay the extra pension costs generated by end-of-career pay hikes exceeding 6 percent.

The salary increases given to Dada put D54 on the line for $122,386, the fifth-highest penalty in the state since 2005, the Chicago Tribune reported in 2015. District officials, though, didn't think the state's pay increase rule applied to Dada and other employees, according to the Tribune.

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