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Incentive Deadline Feb. 21
Mon February 17, 2014
Keokuk Schools Offer Early Retirement
Some Keokuk School District employees have until the end of the week to make a big decision about their careers.
The school board has authorized the offering of an early retirement incentive to qualifying teachers, administrators or staff members.
Business Manager Greg Reynolds says participants must be at least 55-years-old and have been with the school district for at least 13-years.
He says 54 employees, including two administrators, meet that criteria.
Reynolds says the district would have to pay an individual as much as $20,000 over the next two fiscal years.
He says they would receive one day of pay for every two days of unused sick leave and a portion of their salary depending on their experience.
"It does not take too long (to reach the max) if you have got a large accumulation of sick days," says Reynolds, "(so) a lot of people will get to the $20,000 pretty easily."
Reynolds says the incentive will be offered on a first-come, first-served basis because only $150,000 will be paid out per a school board-approved cap.
Employees have until Friday, Feb. 21 to apply.
Reynolds says the early retirement incentive is being offered to help the district address a projected shortfall of roughly $400,000 in next year’s budget.