Brad Johnson, the chief financial officer for the district, said the district would not be paying Hinojosa for the seven months between his last day on May 31 and the last day of his contract on Dec. 31.
Hinojosa announced at a board meeting Monday night he would be retiring and returning to his home in Dallas, Texas, where he plans to be with family and work for a national education consulting firm.
Clem Doyle, the district’s attorney, said he was not able to comment on any legal implications that will come about from Hinojosa ending his contract seven months early.
The minute he walks out the door on May 31, the district will stop paying Hinojosa, Johnson said, which would save the district roughly $175,322, a cost which includes the superintendent’s base salary, Social Security benefits and health care.
Hinojosa will forego $135,333 of base salary he would have earned between June and December, Johnson said.
For a full year’s work, Hinojosa makes $237,000 of base salary with about $28,000 in benefits, Johnson said.
To qualify for monthly retirement benefits, Johnson said, a Cobb employee must have worked for the school district for at least 10 years. Hinojosa became superintendent in June 2011.
Johnson said the Teachers Retirement System of Georgia will be responsible for paying Hinojosa an unknown lump sum payment to compensate him for what had been taken out of his paychecks since June 2011.
The board of education is responsible for finding and hiring a replacement for Hinojosa.
Board Chairwoman Kathleen Angelucci said the board had not yet discussed finding a new superintendent.
The salary of the new superintendent will be decided by the board, Johnson said, as will the means in which they seek out a replacement.
The board could hire a law firm, or a professional search firm to find a new Cobb superintendent, Johnson said. Both options would cost the district a fee to conduct the search, plus travel expenses for candidates who might be flown in. Or they could hire internally and select someone already high up in the school system to replace Hinojosa, which would cost significantly less than hiring from outside the district, Johnson said.