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Retirement Incentive Program

In conjunction with the budget process, the Superintendent and his administrative team are diligently working to identify funding to address current board and community priorities.  To respond to these funding needs, a retirement incentive was approved by the School Board last night.

The incentive is being offered to all certified and classified employees meeting the criteria listed below by June 30, 2018.

Eligibility in the Retirement Incentive Program

**Note:  This retirement incentive proposal does not supersede TCRS requirements for retirement or HCDE requirements for benefits coverage.

  1. 25 Years of Service and above - Employees with at least 25 years of credited service in TCRS are eligible for a retirement incentive of 25% of their annual salary, as defined later in this letter.
        
  2. 20 – 24 Years of Service - Employees with at least 20 years of credited service in TCRS are eligible for a retirement incentive of 20% of their annual salary, as defined later in this letter.
     
  3. 10+ years of service and Age 65 and above - Employees who have attained the age of 65 as of June 30, 2018, with at least 10 years of credited service in TCRS are eligible for a retirement incentive of 15% of their annual salary, as defined later in this letter. 
        

Annual Salary

The employee’s annual salary shall be their current annual base salary and any supplement paid and credited by TCRS for the year ending June 30, 2018.

Retirement Date

In order to qualify for this retirement incentive, an employee must work through the end of their current contract year.  If an employee retires before the end of their current contract year or fails to complete their contract year, the employee is not eligible for the retirement incentive.

Health Insurance

Employees who retire are eligible to participate in the District’s health insurance program under the terms and conditions of Board Policy 5.205.  Retiree health insurance rates and additional retiree insurance information is posted at www.hcde.org/retirement.

Expiration Date

Employees must notify Human Resources by a written letter stating their intentions to retire in order to be eligible for this retirement incentive.  The letter must be received and date-stamped by Human Resources no later than 4:30 p.m. on Thursday, March 15, 2018.

On Monday, a list of Frequently Asked Questions (FAQs) will be posted on our website.  Please review this document as you may find the information to be helpful during your evaluation of this program.  The FAQs will be updated on a weekly basis.

In addition, informational meetings are being set up to provide additional opportunities for in-person questions.  The times and locations will be:
  

  • Central Office Board Room on Feb. 22nd at 4:30
      
  • Creative Arts High School on Feb 26th at 4:30
      

The Superintendent and the Administrative Leadership Team fully understand that this may be a difficult decision.  For questions/concerns, please reference the online FAQs, or contact Human Resources at 423-498-7048 or email:  humanresources@hcde.org.
  

We would like to thank each of you for taking the time to consider this proposal.

Have more questions? Please refer to our Retirement Incentive Program FAQs page.

 


 

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3074 Hickory Valley Road, Chattanooga, TN 37421 | 423-498-7020
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