The Audubon School District’s Board of Education Monday night, decided to approve a revised Early Retirement incentive package to District staff. Superintendent Brett Gibbs said because of declining enrollment and the uncertain status of State Supplement Aid for the next two-years, they need to look for some savings in the Audubon School District.

They changed the early retirement policy from staff required to be 55-years old and 15-years of service with the District, to 55-years old and 12-years with the District. They also increased the amount of pay from $30,000 two years ago spread over two-years, to $40,000 in the same amount of time under the current proposal.

The offer will be limited to seven District employees, even though 14 will qualify. And, the Board made the statement that they do not intend to offer Early Retirement again for three-more years. Those persons who are qualified for the program will be notified after the first of the year to give them a chance to consult with IPERS personnel, a financial planner and the employees’ spouse to decide if that’s the course of action they want to pursue.

He said there’s a good side and bad side to offering Early Retirement. Financially, it makes sense in terms of savings, because your older, more experienced teachers are typically paid more. And it offers the chance to bring in younger, less experienced teachers at a reduced cost. The downside he say, is they’ll be losing older, more experienced teachers who know the students, understand the system and how to teach. Gibbs said they will be sorry to see them go and it’s a shame for those students who will miss out on the expert teachers’ knowledge and experience.