Teacher Retirement Incentive on Table

The Board of Education has OK’d an early retirement incentive for K-12 teachers and other certificated non-management employees, pending sufficient participation in the plan.  The incentive may help to offset local budget cuts caused by the state’s ongoing fiscal crisis.

For employees who qualify, the district would provide 60 percent of the employee’s annual salary, paid out over five years (12 percent each year).  Alternative payment plans equivalent to the same value also will be offered.  Benefits would start Aug. 1, 2010.

The enrollment deadline is Jan. 29, after which the school district will determine whether the program would save enough money to make it feasible. 

The amount of cost savings will depend upon which teachers, and how many of them, choose to participate.

The school district may withdraw the incentive, provided it notifies enrolled employees of the withdrawal on or before Feb. 19.  If the district withdraws the incentive, employees will be given the option to rescind their resignation by March 1, 2010.

Participants must have at least five years of full-time employment in LBUSD as of July 31, 2010, and they must be eligible to retire under the State Teachers’ Retirement System (age 55 with five years of STRS service or age 50 with 30 years of STRS service) as of July 31, 2010.

Child Development Center, Head Start, hourly and substitute teachers are not eligible.

Enrollment packets are being mailed to eligible employees.  Employee orientation meetings will be held 4 p.m. and 6 p.m. Thursday, Dec. 10 in the Millikan High School Auditorium and 4 p.m. on both Wednesday, Dec. 16 and Wednesday, Jan. 6 at the Teacher Resource Center, ABC Room.

Contact Public Agency Retirement Services at (800) 731-7884 for more information.

A general workshop on STRS is scheduled for 3:30 to 5:30 p.m. Tuesday, Jan. 19 at the Teacher Resource Center, ABC Room.

STRS one-on-one counseling sessions are available by appointment only on Dec. 15,  Jan. 5 and Jan. 19 at the Administration Building.  Call 997-8193 for an appointment.