Monday, February 9th, 2009
By William Kincaid
Teachers offered new severance package
  Looking for ways to cut expenses, Fort Recovery Local Schools is offering a new severance package to entice eligible teachers to resign or retire, according to school administrators.
The option, approved recently by both the board of education and Fort Recovery Education Association (teacher union), would give an annuity payable over five or eight years depending on a teacher's circumstances.
The package works in two ways, according to Treasurer Lori Koch.
Teachers who are eligible to retire under State Teachers Retirement System of Ohio (STRS), but are still working, are now being offered an annuity payable over five years in addition to their normal severance package. The annuity amount will depend on various conditions, including how long they have worked, according to Koch.
Also, any teacher who has worked at least 12 years under STRS - whether all at Fort Recovery or not - is being offered an annuity payable over eight years at a total maximum amount of $40,000.
No one has accepted the terms yet, but Koch said the process has just started as the information was just given to teachers recently. Financial counselors are available to assist those interested, she said.
Asked why board members initiated the policy, Superintendent David Riel said Fort Recovery is facing financial issues just like Ford, GM and local factories and is looking for ways to reduce expenses.
"Obviously with salaries and benefits being 80 percent of the money you spend, you look at personnel," Riel said this morning.
Like some of the major companies, Riel said those in charge can either lay off or offer an incentive for some to resign or retire.
"It's basically the exact same conception you would see in the business world," he said.
Additional online stories for this date
Print edition only stories for this date
• Group to talk about funding state parks
• Santanello pleads not guilty to stealing drugs
• Technology company hopes to upgrade Mercer County's Internet access
• Minster snaps Celina's eight-game win streak
a_d
Tonight
Chance Snow
27%
Tomorrow
16°
Mostly Cloudy
14%
Tomorrow Night
-1°
Partly Cloudy
8%
Friday
21°
Mostly Sunny
Friday Night
17°
Partly Cloudy
10%
Saturday
35°
Partly Sunny
22%
Saturday Night
20°
Partly Cloudy
14%
Sunday
37°
Mostly Cloudy
13%
Sunday Night
28°
Slight Chance Snow Showers
21%
Monday
38°
Slight Chance Snow Showers
21%
Monday Night
24°
Partly Cloudy
12%
3 Day
Extended
a_da_d