Monday, April 16, 2012

Early Retirement for this year approved

At the Monday, April 9, 2012, Board meeting, the Prairie du Chien School Board resolved to offer retirement compensation to all teachers who satisfy the eligibility criteria: (a) Have at least eighteen (18) years of full-time teaching experience in the Prairie du Chien School District (District). If a teacher is not working full-time at the time of his or her preliminary notification of retirement, said teacher will still qualify for the payout if he or she has fulfilled the years of full time experience requirement; (b) Have attained the age of fifty-five (55) as of the date that he or she has provided the District with preliminary notification of retirement in order to be eligible for the lump sum cash payout for unused sick leave days. This is a one-time early retirement package for 2012 only.

In order to be eligible, teachers must provide preliminary notification to the Board prior to May 1, 2012 of their decision to retire at the conclusion of the 2011-2012 school year. Teachers must also sign and return the Retirement Agreement And Waiver no later than 4:00 p.m. on May 31, 2012, to finalize their resignation.

The retirement compensation for eligible retirees will be calculated by multiplying $150.00 times the number of unused sick leave days, up to a maximum of 120 days, paid in a lump sum cash payout. This lump sum payment will not exceed $18,000. The lump sum cash payout will be taxable and will be subject to withholding.

Click here to see documents.

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