School changes retirement policies

Members of the Fairfield Community School District Board of Directors approved and adopted changes to retirement incentive plans Monday.

With the changes, the early retirement program for administrators, licensed employees and classified employees will end after the 2009-2010 school year because it is no longer saving the district money.

During previous meetings, employees and board members discussed exploring the possibility of setting up a different program, and, Monday, board member Margaret Dwyer suggested a committee get started as soon as possible to ?re-invent? the early retirement plan.

The changes made to the policies for administrators, licensed employees and classified employees are:

? A written letter of intent to resign must be submitted to the superintendent no later than Feb. 27, 2009, for early retirement at the conclusion of the 2008-2009 school year and Jan. 31, 2010 for early retirement at the conclusion of the 2009-2010 school year.

? The calculation will be 0.020 of the annual salary received by the retiree during the contract year immediately preceding retirement times 84. The total payout will be spread evenly over a five-year period with the first annual payment beginning the first month of retirement. Such payment will be made to American United Life at MidAmerica Administrative and Retirement Solution Inc.

Board president Gail Miller had previously explained the payment method is the same as the district has had the last few years, but now it is formalized in policy.

Miller also previously expressed her concern some teachers, even though they?d like to continue teaching, will opt to retire now just so they can receive the early retirement benefit.

Several employees did submit letters before the Feb. 27 deadline indicating their desires to take early retirement this year.

For the complete article, see the Thursday, March 12, 2009, Fairfield Ledger.