Early retirement incentives for LTCC faculty
Lake Tahoe Community College is offering instructors a chance to retire early.
The college board this month approved the package based on number of years taught.
“The district retains the right to determine if the actual retirement is cost effective,” LTCC President Kindred Murillo told Lake Tahoe News. “When you offer early retirement and you are paying out money to someone to leave it is required by law that if you are not saving money, you can’t do it. The most effective early retirement is when you are not going to replace the retiring positions.”
It’s possible a faculty member high on the pay scale could retire and that position would be filled by someone making much less. But recruiting and getting people up to speed are added costs.
The South Lake Tahoe institution is hoping people in disciplines where the student enrollment has declined will be the ones applying for early retirement.
The retirements would be effective June 30.
— Lake Tahoe News staff report
These higher paid teachers are actually saving money when you consider that what they are earning has to have what they could be receiving from retirement pension subtracted from their salary. That is the net cost. Simple.