Success of retirement plan hinges on participation

The incentive plan is designed to reduce staff without layoffs.
By SHERRI L. SHAULIS
VINDICATOR TRUMBULL STAFF
NILES -- Teachers who plan to retire at the end of the school year are only one person short of collecting on an incentive plan.
Board of education members met Thursday and accepted the resignations of three additional teachers who plan to retire by July 1.
In January, four teachers from the district submitted their retirement plans, which were also accepted by the board.
Last fall, the board and the teaching staff agreed to extend the terms of their previous teachers contract with some modifications. One change included a $15,000 retirement incentive bonus, payable provided a minimum of eight teachers retire by Aug. 1.
The board received announcements Thursday from Diana M. Bauman, a first-grade teacher at Jackson Elementary; Mary Jane Mosca, a third-grade teacher at Washington Elementary; and Frances S. Papas, a vocational education teacher at McKinley High School.
Teachers who are eligible for the incentive plan have until March 15 to announce their intent to retire.
Avoiding layoffs
The incentive plan is designed to allow the district to reduce staff without layoffs, and to help the school district get its finances in order. The district is under state-imposed fiscal watch status.
To qualify for the incentive program, employees must have worked in the district for a minimum of 10 years and must agree to retire into the State Teachers Retirement System.
Provided one additional educator announces an intent to retire by the deadline, each will receive a $5,000 payment on or before Oct. 31, with the remaining $10,000 paid by Oct. 31, 2006.
slshaulis@vindy.com