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
Saturday
80°
Partly Sunny
9%
Saturday Night
64°
Thunderstorms Likely
62%
Sunday
72°
Partly Sunny
15%
Sunday Night
44°
Partly Cloudy
19%
Monday
63°
Mostly Sunny
4%
Monday Night
42°
Mostly Clear
3%
Tuesday
70°
Mostly Sunny
Tuesday Night
47°
Mostly Clear
Wednesday
73°
Mostly Sunny
Wednesday Night
50°
Mostly Clear
3 Day
Extended
a_da_d
camera_logo Photo Albums
Thursday, September 18
index pict
Thursday, September 18
index pict
Thursday, September 18
index pict
video_logoOnline Video
Wednesday, August 27
index pict
Marion Local prepares for football season
Tuesday, August 26
index pict
St. Marys' Schmitmeyer golfs for guys team