Riverbank Unified School District is offering certificated employees a retirement incentive that was approved by the Board of Trustees members Elizabeth Meza, Susan Taylor, Ernest Velasco, and Ana Vigil at the school board meeting earlier this month. Board member Suzanne Dean was not in attendance. The Golden Handshake Program is available for Certificated Members which includes teachers, counselors, nurses, psychologists, and principals in the current 2017-2018 school year.
The program offers eligible employees the ability to retire between March 15, 2018 and June 30, 2018 through the California State Teachers’ Retirement System.
RUSD Senior Director of Human Resources Marcus Wirowek explained that “for the benefit to apply, the District will need to demonstrate savings via replacement of staff. Typically, teachers with more years of experience are higher on the salary schedule versus new teachers hired into the District. If savings is demonstrated, the District can offer the incentive. If not, the district cannot offer the incentive. Once we calculate our savings or excess cost, we send those calculations to the SCOE (Stanislaus County Office of Education) for final approval.”
The resolution that was approved states that the school district will provide members of the California State Teachers’ Retirement System who retire early up to two years of additional service credit at the time of retirement. RUSD would pay the California State Teachers’ Retirement Fund an amount equal to the actuarial present value cost of the additional service credit and a fee to cover administrative costs. According to Wirowek the program is a provision in the collective bargaining agreement between the Riverbank Teacher’s Association and the District.