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Retirement plan approved



Published: Tue, February 24, 2009 @ 12:00 a.m.

By Mary R. Smith

McDONALD — School employees will get another fringe benefit.

The village school board Monday approved a 457 plan for employees. It’s similar to a 401(k) plan, except that participants can begin drawing money from it as soon as they retire, regardless of age.

The district now has a 403B plan under which retirees cannot collect on their money until they are 591‚Ñ2.

In other business, the board accepted the retirement resignations of three teachers: Ray Flere, Roosevelt Elementary fifth-grade teacher for 26 years; Carol Cooper, third-grade teacher for 36 years; and Donna Dolsak, high school math teacher for 35 years.

They are taking advantage of the early-retirement incentive approved by the board in October, which gives them a $15,000 bonus to be paid over five years, in addition to their pensions.

The 2009-10 school year will operate under a shortened calendar, with classes starting Aug. 24 and ending May 28. Easter break will be April 2 to 6, with school resuming April 7.

Board President Robert Jones said that the board had a long discussion about whether to put a levy on the ballot in May to pay for a sports complex but decided district finances are too much in the air at this time.

Jones noted that Governor Ted Strickland’s proposed allocation of funds does not look good for the district, nor does expected money from the federal stimulus bill.


Comments

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