Taveras Announces Retirement Incentive For Teachers
Mayor Angel Taveras on Tuesday announced an incentive plan to encourage the retirement of Providence Public School teachers and administrators who are eligible.
The incentive is a one-time, $5,000 payment to any eligible teacher or administrator who retires at the conclusion of the 2010-11 school year.
It was offered in a letter sent to 215 people who are likely to be eligible for retirement.
In addition to the one-time payment, teachers who retire this year will not have to pay the 2.5 percent contribution increase to their state pension that Governor Lincoln Chafee proposed in his FY12 State Budget.
The proposed change, which if approved will take effect July 1 2011, would increase the percentage that teachers pay into their state pensions to 11.75%.
The mayor's office said the average salary with benefits for a Providence Public School teacher is $98,695.
Taveras is using the retirement incentive to as part of an effort to eliminate 70 teaching jobs, saving the financially-strapped city $7 million.