Retirement boost in Spring Lake

SPRING LAKE, Mich. - Teachers in Spring Lake Public Schools who agree to the latest retirement offer there could receive up to $25,000 from the district and a pension boost from the state, according to The Muskegon Chronicle.

The contract between the district and the Spring Lake Education Association offers up to a $30,000 bonus to a maximum of three retiring teachers each year, The Chronicle reported. Two teachers accepted that offer this spring. Since then the union and district agreed to amend the contract to allow up to four more teachers to retire this year and receive $25,000 each. Next year no retirement incentive will be offered by the district, according to The Chronicle.

The amendment will allow more teachers to receive both the district incentive and a new state incentive that provides higher pension payments. Both plans are designed to encourage senior teachers to retire, The Chronicle reported. The district likely will replace retirees with younger teachers at lower salaries, which could save up to $75,000 in labor costs next year, Superintendent Dennis Furton said, The Chronicle reported.

The district already agreed to reduce its teaching staff by 2.25 positions, Furton said, according to The Chronicle.

The Muskegon Chronicle, "Spring Lake offering bonus for teachers who retire early," June 4, 2010

Michigan Education Report, "Teachers face retirement choices," May 14, 2010