There was no severance package given to Milhon-Baer - the table only noted 'not eligible'. The rest are:
|Teacher Retirement Fund||$87,952.96||$73,990.38||$82,997.68||$76,814.23||$80,895.36|
I assume that the entry for 'Teacher Retirement Fund' is for money sent to the that Indiana State fund in order to 'purchase more years' so as to increase the pension payout to each retiree. I have asked for more specificity in this item, like how many years were purchased for each person. The regular teacher contract, which is the only contract component for these administrators that even addresses contributions to the ISTRF, mentions a 3% of salary payment each year that will be covered by the District. At that rate, these contributions would be for the purchase of 20 years or more - so this definitely needs clarification.
I also asked for the number of service years, leave days, and vacation days involved with each administrator at at what rate they were compensated.
On the topic of health insurance, I requested the exact cost of this year's premium, and for how many years each retiree would be receiving free health insurance.
And last but not least, I requested information regarding what board policy or action granted these retirement benefits, as I could not locate them in either the teacher contract or the administrator contract addendum.
That was last Friday, and so far, no additional information has been provided to me.
In contrast to the sweet deal retiring administrators got, the District website says :
An early incentive for retirement program has been approved for Decatur teachers who qualify. Teachers who are eligible and choose to retire and who are on the district's insurance plan will receive a one-time bonus of $15,000 contribution to their retirement plans. Those not on insurance would receive a one-time $20,000 contribution. Also included in the incentive is extension of their health insurance for a year.
The board also approved a proposal for retiring bus drivers to remain on the district's insurance plan for one year after retirement.
I believe these contributions would be sufficient to allow the retiring teacher to purchase the cost of one year's health insurance under the District's plan. Those of you closer to that situation, please let me know if I misunderstand this 'contribution to their retirement plans'. The bus driver who retires gets to pay full boat for the insurance, just like those who did not retire and as required by Federal COBRA laws anyway.
More on all of this later.
[edited to add: an IBJ report from April 21, 2010, says the ISTRP contributions are 3% from the employee, which is picked up by the District here, and 7% from the school district. So these TRF contributions would cover 6-8 years, roughly]