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.
- UPDATE: Two additional suspects in Tomah high speed chase arrested
- Monday closings due to weather
- Repealing Obamacare: Trump says fast, Congress says slow
- Missing elderly man found dead in Grant County
- State leaders push for more progress at MLK Day celebration
- 1 dead, 4 others injured by apparent carbon monoxide
- Man killed after setting off apartment explosion
- US Rep. Pocan says he won't attend Trump inauguration
- Local activists hold "Save Our Healthcare" rally
- Area youth group helps prepare for fundraiser