Marshfield School Board Approves Changes to Retirement Benefits
Thursday, December 13th, 2018 -- 8:50 AM
(WDLB) -The value of retirement benefits for certain employees in the Marshfield School District is dropping.With Frances Bohon and Dorothy Chaney absent, the Board of Education voted 5-to-0 last night in favor of a revised version of the district's retirement benefit plan, which covers only those teachers hired before July 1st of 2012, according to Superintendent Dr. Ryan Christiansen. The plan spells out how much in retirement benefits certain teachers are going to get, based on their years of service. This is a prorated plan--meaning those who retire in the next two years will receive higher benefits than those who retire after 2023. And the value of benefits drops every two years after that. Board member and retired Marshfield teacher Dale Yakaites voted for the plan, but he wasn't crazy about it.
For employees who retire before July 1st of 2021, 15-thousand dollars will be given for each year until Medicare eligibility. So for example, an employee who turns 55 during the year they retire would be eligible for up to 15-thousand dollars for 10 years, for a maximum benefit of 150-thousand dollars. So, depending upon the ages of the retiring the employees and their years of service, their benefits will vary accordingly. For those who retire between 2021 and 2023, the highest-possible benefit from the district would be 125-thousand dollars. And there are no hire-backs. An employee electing retirement under the new plan forfeits all full-time re-employment rights with the district. The new plan goes into effect on July 1st of 2019.
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