The Pleasanton school board tonight, item 14.4 (Web Link) will be voting to authorize an early retirement plan to employees. This includes paying them a percentage of salary for 5 years (equal to 75% of their salary), retiree health and dental insurance for free until the hit medicare, and paying an administrator 5% of the total cost to administer the program. You can do this if you are 55 years old and have been with the district for only 5 years.
Another waste of taxpayer funds to pay people to not work. We will be locked into these payments so it is another liability of the district that will need to be paid, probably causing more layoffs in the future. It also demonstrates that the district feels the salary we offer experienced teachers is too much and instead of adjusting the salary schedule, we are getting rid of some good experienced teachers (the same teachers the district keeps saying they want to keep).
The report states that this will be funded through post-employment contributions into a 403(b) plan. Is this the same plan that we currently have for free retirement medical insurance that the audited financials say is ZERO PERCENT (0%) funded? Meaning we offer a post-employment benefit but do not pay for it now and instead add more liabilities to the district?
This must be stopped. It occurs just about every year. This is insane.