The school division has a new tool to generate cost savings, which could allow the School Board to consider a salary increase during upcoming budget discussions.
On Wednesday, February 15, the Board approved an early retirement incentive program for employees who are eligible for a full-service VRS retirement as of January 31, 2012.
Full-service retirements are available to those who have 30 or more years of qualified service under VRS and are at least 50 years of age, or are 65 years old and have at least five years of VRS service.
Employees who choose the program will receive an $8,000 benefit, which can be received as wages or applied to post-employment health benefits.
There is a limited window for taking advantage of this program. Qualified employees must submit the VRS retirement application to the Human Resources Department between now and March 30, 2012.
The incentive will be available until the $2.8 million the division has set aside is exhausted, so interested employees are encouraged to sign up soon. Applications will be time and date stamped for this first-come, first-served approach.
Employees who have questions should contact Human Resources at (757) 628-3905.
