Valley Offers Retirement Deals
July 28, 2016 at 4:25 p.m.
By David [email protected]
Teachers will receive more information on the program today.
According to information provided by Superintendent Brett Boggs, the retirement incentive program is a one-time offer to teachers of retirement age who meet Indiana guidelines for early retirement.[[In-content Ad]]Eligible teachers will be able to select one of two incentive options. One option is for health insurance coverage under the terms applicable to active teachers. The other option is two cash payments of $10,000 each being contributed to an employee's 403b account over a two-year period.
Teachers wanting to be considered for the retirement incentive program must apply by the end of the workday April 16. The school board reserves the right to limit the number of teachers awarded the retirement incentive. Any teacher applicant not awarded the retirement incentive will be allowed to rescind their letter of intent to retire and return to Tippecanoe Valley for the 2010-11 school year.
The board approved the program by a 4 to 1 vote, with Mark Wise opposed to it.
"I did some number crunching and did some estimates. I don't see us saving a bunch of money, maybe $60,000 in three years," he said.
He said the more he thinks about it, the more he finds it distasteful. While he can see both sides of it, he still doesn't like it, he said.
Boggs told Wise that once the administration sees the response to the program, figures on the savings will be put together for the school board's review. Right now, Boggs said, they don't how how many people will be interested in it.
Like all school corporations across the state, TVSC is attempting to find ways to deal with the decrease in state funding. The decrease directly reduces the dollars Valley will receive to support the school's general fund in 2010, according to information from Boggs. The general fund supports the basic operation and programs of the school corporation, including salaries, fringe benefits, instructional supplies, maintenance supplies, utilities, insurance, summer programs and community service programs.
Reduced revenues for Valley are the result of two factors. First is a decline in student enrollment, and second is a shortfall in state support funding.
In 2010, the total decrease in revenue is expected to be more than $729,000 with the enrollment factor accounting for about $142,000 and the state shortfall being slightly more than $587,000, according to Boggs' information.
"While some cuts and reductions will be necessary, school officials believe the measures taken in TVSC will not be as severe as those being experienced by many other school corporations," according to Boggs' information. "Areas currently being addressed where savings can be realized with minimal impact to student programs include utility consumption, facility use and maintenance, summer school offerings, summer recreation activities, instructional assistant hours, contractual obligations, salary and benefits, job resignations and teacher retirements."
Teachers will receive more information on the program today.
According to information provided by Superintendent Brett Boggs, the retirement incentive program is a one-time offer to teachers of retirement age who meet Indiana guidelines for early retirement.[[In-content Ad]]Eligible teachers will be able to select one of two incentive options. One option is for health insurance coverage under the terms applicable to active teachers. The other option is two cash payments of $10,000 each being contributed to an employee's 403b account over a two-year period.
Teachers wanting to be considered for the retirement incentive program must apply by the end of the workday April 16. The school board reserves the right to limit the number of teachers awarded the retirement incentive. Any teacher applicant not awarded the retirement incentive will be allowed to rescind their letter of intent to retire and return to Tippecanoe Valley for the 2010-11 school year.
The board approved the program by a 4 to 1 vote, with Mark Wise opposed to it.
"I did some number crunching and did some estimates. I don't see us saving a bunch of money, maybe $60,000 in three years," he said.
He said the more he thinks about it, the more he finds it distasteful. While he can see both sides of it, he still doesn't like it, he said.
Boggs told Wise that once the administration sees the response to the program, figures on the savings will be put together for the school board's review. Right now, Boggs said, they don't how how many people will be interested in it.
Like all school corporations across the state, TVSC is attempting to find ways to deal with the decrease in state funding. The decrease directly reduces the dollars Valley will receive to support the school's general fund in 2010, according to information from Boggs. The general fund supports the basic operation and programs of the school corporation, including salaries, fringe benefits, instructional supplies, maintenance supplies, utilities, insurance, summer programs and community service programs.
Reduced revenues for Valley are the result of two factors. First is a decline in student enrollment, and second is a shortfall in state support funding.
In 2010, the total decrease in revenue is expected to be more than $729,000 with the enrollment factor accounting for about $142,000 and the state shortfall being slightly more than $587,000, according to Boggs' information.
"While some cuts and reductions will be necessary, school officials believe the measures taken in TVSC will not be as severe as those being experienced by many other school corporations," according to Boggs' information. "Areas currently being addressed where savings can be realized with minimal impact to student programs include utility consumption, facility use and maintenance, summer school offerings, summer recreation activities, instructional assistant hours, contractual obligations, salary and benefits, job resignations and teacher retirements."
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