Tue January 24, 2006
Keokuk School Board Changes Retirement Incentive
Keokuk, IA – The Keokuk School Board has approved several changes to the early retirement incentive offered by the school district. District employees can retire early if they meet certain age and employment requirements. The current incentive requires the district to cover the cost of an employee's health insurance, and to provide them with an additional monetary stipend. The school board has now reduced and capped what the district will pay for the health insurance and for the stipends. The board can adjust the caps at any time. Business Manager Greg Reynolds says the dsitrict needs to get a handle on the rising cost of health care. The new policy goes into effet July 1. Employees who are already receiving the current incentive will remain in that program. Only employees who retire after July 1 will receive the benefits in the new incentive program. The early retirement incentive has long been part of the negotiated contracts between the district and its employees. The school board accepted 3 requests for early retirement during its meeting. The district does not pay for health insurance once the employee is medicare-eligible.