Education

Retirees could save school district over $750,000


COURIER-POST FILE
By Hannibal Courier-Post
Posted: Jan. 14, 2020 5:00 pm

HANNIBAL | With significant salary savings possible over the next half decade the Hannibal Board of Education has again opted to offer eligible staff members the early separation agreement.

Superintendent Susan Johnson was granted permission in November to reach out to those eligible to retire under the agreement to gauge their interest. Then at December's board meeting formal approval was given to proceed with the agreement.

A total of 13 eligible district employees, representing 341 years of experience, expressed interest in participating and retiring under terms of the agreement. According to Johnson, of the 13, 11 are certified staff members with 291 years of service. The remaining two are classified staff with 50 years of total service.

Not every veteran member of the school district staff is eligible to retire under the early separation program. Participants must have worked the previous five years in the Hannibal School District to qualify.

After the school board approved the early separation agreement Johnson contacted the 13 individuals. At that point they needed to submit a letter of resignation, effective at the end of the current school year.

By knowing who is retiring, the school district can begin posting the upcoming job openings over the recent winter holiday break.

Early separation retirees will receive 50% of their base salary over either five or 10 years. According to Johnson, most retirees opt for the five-year option.

The district's base pay is currently $35,009 for an individual with a bachelor's degree.

According to a cost analysis compiled by Johnson over five years time one position could save the school district around $87,000. In total, the savings could potentially amount to $751,826 over the half decade, assuming the school district replaces the retirees with a less experienced individual.

“Of course you don't know who that (replacement) is going to be, but typically that is the situation,” Johnson said.

Johnson added that the potential savings through the early separation agreement is not higher than it has been in the past.

“A lot of times it depends if you have more certified versus classified (personnel participating), or if you have some administrators,” she said.

 

 

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