The Chartiers Valley School District is offering teachers with 15 or more years of experience an early retirement package.
The early retirement incentive, presented to the Chartiers Valley Federation of Teachers, was approved by the school board at its meeting Feb. 27, according to district spokeswoman Angela Conigliaro.
Sixty-six percent of faculty are at the top of the union’s pay scale, said Patricia Connolly, Chartiers Valley’s director of finance and operations.
If an employee who has medical coverage and is 60 years old upon retirement is replaced by an entry-level employee with medical coverage, the district would save more than $209,705 over five years.
If that teacher is not replaced, the savings over five years is $515,200.
Twenty-five teachers need to accept the offer in order for it to go into effect, Connolly said. Eligible teachers must be 55 or older and must have been at Chartiers Valley for at least 15 years.
Twenty-nine teachers union employees are eligible in 2023-24, Connolly said.
Interested teachers must let the district know they’re retiring by April 1. The retirement would go into effect June 30.
As part of the plan, retirees would receive healthcare benefits up to 10 years or age 65, whichever comes first, Connolly said. They also would get paid for up to 100 sick days at $140 a day. That money would go into a retiree’s 403(b) fund, similar to a 401(k) over a two-year period.
For example, for 100 sick days, a retiree would get $7,000 in a 403(b) in the first year and $7,000 in the second year.
Retirees would get their healthcare costs covered, except for any increases, Connolly said. So, if the cost were to increase $1,000 next year, they would owe the district $1,000.
Chartiers Valley previously offered an early retirement incentive in 2019-20. It offered five years of district paid healthcare.
