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Retirement Notification Incentive
AY Johnny Giles Chief of Staff October 17, 2013
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Retirement Notification Incentive
What: Voluntary pay incentive for candidates who make notification of intent and commitment to retire at the end of the current school year. Incentive increases the earlier candidate makes notification. Intent: Plan for projected vacancies to ensure earliest hiring actions and prevent sudden classroom/critical certified vacancies in our schools Includes: Certified Employees (e.g., Teachers, Counselors, Librarians, Assistant Principals, Coordinators) Does not include: Principals, Directors or individuals with pre-established or mandatory retirement dates Eligibility: Must have 10 years creditable service and at least sixty (60) years of age OR Must have twenty-five (25) years of creditable service, regardless of age
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Retirement Notification Incentive
Result: 61 certified employees from 34 schools provided early notification to HCS of their intent to retire at the end of the school year Impact: District was able to plan for projected vacancies and began the interview / hiring process two months earlier than previous year Retirement eligible teachers were able to make long-term plans and received a cash benefit for notifying HCS in advance Based on success of the program, HCS will offer the incentive again for AY
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Retirement Notification Incentive for AY 2013-2014
Commitment: Must commit to complete the full current school year with an effective retirement date of June 1, July 1 or August 1, 2014 Compensation: 6%-10% of base salary (1% base salary times multiplier for earlier notifications). Available to all eligible candidates, even if individual has already reached top step on salary schedule Payment: Lump sum in paycheck on or before August 1, 2013, depending on their retirement date* Limited opportunity: First 100 applications to Human Resources Begin taking applications November 1, 2013 (no earlier) Increased benefits for earlier notification/commitment Must be Board approved * NOTE: Does NOT count toward retirement
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Retirement Notification Incentive
EXAMPLE: (Base Salary ($55,000) x 1% x timeliness multiplier) Notification Date (On or before) Base Salary 1% Base Timeliness Multiplier Total Benefit 15-Nov-13 $55,000.00 $550 10 $5,500.00 14-Dec-13 9 $4,950.00 15-Jan-14 8 $4,400.00 15-Feb-14 7 $3,850.00 15-Mar-14 6 $3,300.00 After 15-Mar-13 NO BENEFIT
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Backup Slides
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Retirement Notification Incentive 2012-2013 Results
ARI Reading Coach 1 Art 2 Choral Music Collaborative Coordinator Collaborative Secondary Counselor CT T&I Prep Curriculum Specialist Drivers Education Early Childhood Special Ed Elementary (K-6) 19 ESL Teacher Health Kindergarten 4 Latin 1 Librarian 6 Math PE/Health 2 Physical Education 4 Psychometrist ROTC Instructor ROTC-Air Force ROTC-Army Science Special Education Collaborative Special Education Early Childhood Special Education Gifted Speech Pathologist Total: 61 Certified Employees from 34 Schools
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