Consider/Approve Voluntary Early Retirement Incentive Program

After meeting with the Board chair, vice-chair, and representatives from the Obion County Education Association, an agreement was reached to offer a voluntary early retirement incentive program (ERIP) to eligible teachers. The eligible group is defined as all teachers, as defined by TCA §49-5-501 (10), who, at the conclusion of the 2010 – 2011 school year, will have 30 or more years of experience in education, with at least 15 years of experience with the Board. The voluntary early retirement incentive amount, which is $7,500, will be subject to withholdings as required by law. The ERIP window of eligibility will remain open, upon approval by the Board, for 45 days (May 3, 2011 through June 17, 2011). Employees who accept the Board’s offer will have seven (7) days to revoke such acceptance. Eligible employees who accept the Board’s offer will be paid the early retirement incentive on or before June 30, 2011. The program documents are attached, which will give you full detail of the program.