School Board puts early retirement back on table

For the second time in two years, the Springfield School Board might offer early retirement incentives to senior teachers. On Monday night, the board discussed a proposal to offer a $55,000 stipend to teachers with at least 22 years of experience.

http://www.rutlandherald.com/apps/pbcs.dll/article?AID=201002180365                 # # # # School Board puts early retirement back on table By Josh O'Gorman, STAFF WRITER - Rutland Herald - Published: February 18, 2010 SPRINGFIELD — For the second time in two years, the Springfield School Board might offer early retirement incentives to senior teachers. On Monday night, the board discussed a proposal to offer a $55,000 stipend to teachers with at least 22 years of experience. The money would be paid out in five annual payments of $11,000 into a 403(b) annuity account. Business Manager Steve Hier said the move would save an average of $7,000 per teacher for the first five years and $11,000 a year per retiree after five years. Hier said 60 percent of the district's teachers are near the top of the pay scale. With 36 teachers and two administrators eligible for the offer, board Vice Chairwoman Jeanice Garfield suggested there should be a cap on the number of people who could take advantage of the offer. Board member Sam Coleman noted the savings would only be achieved if the district hired teachers at a lower salary than the ones they replace. In 2008, the board offered to pay a $25,000 stipend to teachers with 20 years experience to be paid out over three years. Hier noted the teachers who took advantage of the offer were specialized and more difficult to replace, and the move did not result in any savings. Superintendent Frank Perotti said there will be savings after the third year of payments. Coleman noted two board members were missing — Chairman Larry Kraft and Marilyn Thompson — and suggested they should wait to take a vote. The board tabled the discussion until its March 15 meeting.