1. Retirement Notification IncentiveAY
Johnny Giles
Chief of Staff
October 17, 2013

2. 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

3. 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

4. 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

5. 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

7. Backup Slides

8. 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