During contract negotiations with the teacher's union, the Lake Oswego School District agreed to offer an early retirement incentive for a short period of time.
The incentive is in addition to the current retirement program outlined in the contract.
Under the current agreement, which has been in place for years, retirees between ages 52 and 61 who have worked at least 15 years with the district, receive a monthly stipend based on age and years of service. The stipends range from $255 to $475 and end at age 62. Teachers are also given single-party medical plans for 10 years or until age 65.
Teachers with 15 years of service who are between age 62 and 65 are eligible for a two-party medical and dental insurance plan.
The new limited-time incentive will kick in an extra stipend of $10,000 for a teacher who has been in the district for at least 15 years. The stipend is pro rated based on the full-time status of the teacher.
The incentive also extends to teachers with less service in the district. If a teacher has completed between 10 and 15 years of service and is at least 58, he or she will receive single-party medical and dental insurance until age 65. The district's contribution would be fixed at the rate established for the 2010-2011 year and also pro rated based on status of the teacher.
Teachers wishing to take advantage of the incentives must commit by April 11 to retire at the end of the school year.