Culver City teachers nearing retirement age will be given credit for two additional years of service if they accept a "golden handshake" retirement arrangement unanimously approved by the Culver City Board of Education last week.
The program for teachers between the ages of 55 and 60 could save the district up to $2,000 a year for each teacher who elects to retire before May 2, the date the offer expires. Fifty-five of the district's 200 teachers are eligible to participate, but school officials estimate that only 10 to 15 teachers will accept the offer.
"Statistically, when these plans are offered, about 10% to 15% of the eligible teachers take it," said Ralph Villani, assistant superintendent of personnel. "I think we will get more because there seems to be a lot of interest."
Work Experience Credit
The program gives teachers credit for two full years of work experience. The retirement salary is based on a formula that takes into account the number of years served and the salary at the time of retirement. A 60-year-old teacher with 30 years of experience can retire at 60% of his salary.