A "retirement incentive" is being offered by the City School District of New Rochelle to eligible members of the FUSE. The deadline for submitting a letter of resignation is Friday, April 17, 2015.
NEW ROCHELLE, NY -- A Separation Incentive Plan has been developed by agreement between the City School District of New Rochelle and the New Rochelle Federation of United School Employees (“the F.U.S.E”).
The purpose of the Plan is to achieve mutual benefits for the School District and for long-term employees by offering an economic incentive for such employees to separate from service earlier than they might otherwise have done so. Employees who do so will receive a cash payment and/or an enhanced benefits package.
Participation in this Plan is entirely voluntary. No employee is required to participate in the Plan, retire, or otherwise separate from service earlier than he/she wishes to do so. Any F.U.S.E. member deciding to participate in the Plan will be required to leave service by June 30, 2015.
The Plan is available to School District employees who are eligible for membership in the F.U.S.E. and who are active employees as of March 25, 2015. If the Plan becomes effective, then employees who submitted June 30, 2015 retirements as of the March 2, 2015 deadline will also be entitled to an enhanced retirement benefit as described below.
In order to be eligible to participate in the Plan, F.U.S.E. members must meet one of the following requirements:
Teachers will be eligible for TRS service retirement as of July 1, 2015, and are currently on Step 15 or higher of any teacher salary lane.
Teaching Assistants or School-Related Professionals will be eligible for TRS (for a TA) or ERS (for an SRP) service retirement as of July 1, 2015, and will have completed 20 years of service in the School District by June 30, 2015.
Teachers will receive a cash payment, to be made between July 1 and July 31, 2015, in either the amount of $5,000 or $10,000, at your option, plus the difference between that payment and $20,000 as a health premium allowance. In addition, teachers will be eligible for the payment for unused sick leave.
Teaching Assistants or School-Related Professionals will receive a health premium allowance in the amount of $10,000 as described below. In addition, they will be eligible for the payment for unused sick leave.
For those who already submitted a March 2, 2015 letter of resignation for June 30, 2015 they will receive a health premium allowance in the amount of $10,000.
What is a Health Premium Allowance?
In addition to the cash payment, retirees will be entitled to an increased School District contribution to health benefits after they leave service. The School District will pay for the retiree contribution portion of individual health and hospitalization insurance (the coverage they get from the School District). This allowance will, until it has been exhausted, cover either (a) the entire retiree contribution to premium for individual coverage, or (b) one-half of the retiree contribution to family coverage.
At current (2015) rates, the retiree contributions to coverage are as follows:
- Under 65, the retiree portion of premium for individual coverage is $2,415 per year.
- 65 or older, the retiree portion of premium for individual coverage is $1,206 per year.
- For family coverage, both under 65, the retiree portion of premium for family coverage is $8,428 per year.
- For family coverage, both over 65, the retiree portion of premium for family coverage is $4,809 per year.
- For family coverage with one person under 65 and one person 65 or older, the retiree portion of premium for family coverage is $7,229 per year.