District dangles $10,000 early retirement incentive for Princeton teachers

Teachers in the Princeton School District who have put in 25 years with the district can check out a new early retirement opportunity.
The School Board on April 1 approved an early retirement plan that offers a $10,000 severance payment as an incentive to retire early. The payment would go into the successful applicant’s Minnesota State Retirement System account and is in addition to any severance, retirement, insurance or other benefits described in the teachers’ collective bargaining unit.
There appears to be a quota. The plan states that the applicant must be one of the first eight to apply. Applicants must fill out a form and get it to the Human Resources Department before 4 p.m. April 30 to apply for the severance and must submit an irrevocable notice of retirement effective June 30, 2014. The applicant must also be licensed, in good standing and a member of the teachers’ collective bargaining unit through June 30, 2014.
Once accepting the early retirement benefit, the retiree would not be allowed to apply for full-time employment with the district in the future.
District Human Resources Director Brenda Aldrich said that the incentive pay is to help some of the staff members retire sooner, allow for more openings and also hire replacements who are at the beginning of the pay scale.