Grand Forks schools to consider retirement payments
The Grand Forks School Board will consider approving $229,867 in early retirement payments at its meeting Monday, according to the agenda.
Nineteen employees, mostly teachers, chose to retire this year and will receive the payments, which the district will provide annually for the next four years. The amount has already been budgeted for next year, said Business Manager Vicky Schwartz.
Professional staff members can receive the incentive if they choose to retire early. Employees must be age 55 or older and have completed a decade of full-time employment to be eligible, according to district policy.
If employees retire the year they are eligible, they can receive 100 percent of the incentive. But for each year they delay their retirement, the amount offered by the district declines.
The incentive payment is based on a proportion of the staff member's current annual salary and separate from the district's contribution to the state retirement fund.
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