The Charles City School District has passed a first reading of Superintendent Mike Fisher’s proposed early retirement plan. In the old plan, the district would specify the plan year-to-year to save money in budget crunches.
The new plan would encourage teachers to give the district a year notice before retiring – which would allow the district to better plan for the future and give them time to recruit replacements more effectively.
The old plan’s major drawback is that some years teachers don’t have a retirement offer present for them to accept and so when one pops up, many teachers usually accept it all at once. These offers are usually presented in November or December of the school year and teachers have only a few months notice.
Incomplete new plan outline:
- Employees must be 55 years or older by August 31st with at least 10 years of service in the district in order to retire.
- Employees are encouraged to give the school a year notice
- If an employee notifies the district by February 1st – giving the district a year in a advance – of the year they would like to retire – that employee will receive an additional 50% of their last year’s salary (up to $50,000)
- Employees would give notice of their retirement before February 1st of the retirement year will be eligible to receive an additional 25% of their salary
Fisher says the plan is a ‘win-win’.