The Cedar Falls Board of Education has voted to offer early retirement incentives for the first time in more than 25 years.
Board officials said Monday the offer will be made to associates, secretaries, clerical staff, technicians and administrators who are at least 59 years old by July 1, and have at least 10 consecutive years of service in the district.
Those who qualify will receive 50 percent of their 2009-10 base salary in a minimum of 24 equal payments over two years.
Because the school district couldn't reach agreement with the Cedar Falls Education Association, teachers were not included in the program.
District Superintendent David Stoakes says including the teachers in the early retirement program could have saved the district up to $550,000. The current plan could save the district up to $195,000.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Board officials said Monday the offer will be made to associates, secretaries, clerical staff, technicians and administrators who are at least 59 years old by July 1, and have at least 10 consecutive years of service in the district.
Those who qualify will receive 50 percent of their 2009-10 base salary in a minimum of 24 equal payments over two years.
Because the school district couldn't reach agreement with the Cedar Falls Education Association, teachers were not included in the program.
District Superintendent David Stoakes says including the teachers in the early retirement program could have saved the district up to $550,000. The current plan could save the district up to $195,000.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
