This value is based on a low pay rate of 60 percent of full-time median earnings, equivalent to a little over 12,000 a year for a 35-hour working week.
The system usually gave elderly colonels a few more months, weeks or days of active duty with a new title, followed by nearly immediate retirement at a higher pay rate.
Additionally, the firm was forced to restate income it had claimed from accrued but unpaid interest on exotic mortgages where the initial pay rate was less than the amortization rate.
For example, even if an individual has been employed in this capacity for several years for a district, their pay rate has remained the same indefinitely.