Waterloo school board OKs retirement incentive

Published On: Feb 26 2013 04:14:46 PM CST
WATERLOO, Iowa (AP) -

The Waterloo Community Schools board has approved an early retirement incentive that's already been offered to 115 teachers.

The board voted final approval on Monday.

The incentive is aimed at helping cut the budget for the next school year.

If 65 to 80 teachers were to retire, the district could save up to $1.6 million. Officials estimate a savings of $20,000 per teacher as experienced teachers are replaced with less experienced staffers.

Teachers must be at least 55 and have 13 years of service in the district to qualify for the incentive. They would receive an annual supplemental benefit of $10,000 for three years after retiring at the end of the current contract year.