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Meeting Date:
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2/16/2017 - 5:30 PM
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Category:
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ITEMS OF BUSINESS
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Type:
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Info
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Subject:
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3. Report with Possible Action Regarding Early Retirement Analysis
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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Early Retirement Presentation
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File Attachment:
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Background:
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Per the request of the Board’s Committee on Accountability, Finance and Personnel, the Administration was to review the impact on post-retirement benefits of early retirement for the period of July 1, 2017 to June 30, 2019, for eligible employees.
In compliance with the Committee’s request, the presentation includes the following:
Benchmark benefits for surrounding school districts with regards to retirement age and years of service requirements for post-retirement benefits and if they have continued to offer these benefits to grandfathered employees and new hires. The Administration sent the survey to 34 school districts in Wisconsin and received 29 responses. Results of the survey are compiled and included in the presentation.
Financial and staffing impact for each of the following scenarios:
a. Age 55 with a two-year window with:
25% of eligible employees participating
50% of eligible employees participating
75% of eligible employees participating
100% of eligible employees participating
b. Modification of the retirement age requirement from 60
years to 57 years with current benefits intact.
Effective July 1, 2017.
c. Modification of the retirement age requirement from 60
years to 57 years with the curtailment of benefits at
age 65 years (current Medicare eligibility age).
Effective July 1, 2017.
The Administration worked closely with the actuarial firm Gabriel Roeder Smith & Company (GRS) to prepare an analysis, which is included in the presentation.
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Fiscal Impact Statement:
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This item does not authorize expenditures.
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Implementation and Assessment Plan
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Recommendation:
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Approvals:
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Recommended By:
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Signed By:
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Christiane Standlee - Senior Director Benefits & Compensation
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Signed By:
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Himanshu B Parikh - Chief
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Signed By:
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Seemi Daniel - Financial Planning & Budget Coordinator III
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Signed By:
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Dr. Darienne Driver - Superintendent
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