I received an email and a mailing from BTU ( the teacher's union) saying I meet the eligibility requirements to take advantage of the Retirement Assistance Program or RAP.
The program offers employees who retire under its provision Board-paid health insurance
until they reach eligibility for Medicare coverage at age 65. They would also receive $10,000
term life insurance for the same period. These benefits are currently valued at several
thousand dollars a year and will increase in value as premiums rise.
In addition, a $10,000 increase over your normal salary of 2008-09 provides an immediate economic benefit as well as an opportunity to boost the average salary that
determines all your future retirement benefits. These are one-time advantages for deciding now to retire at the end of the 2008-09 school year only.
Oh WOW! Now that I'm finally at the top of the pay-schedule they want me to quit with an irrevocable deal with ONE year of an extra $10,000 and medical insurance. The insurance is only on me by the way. Hubby would have to find something else.
I wonder how many others who are eligible will be gullible enough to take them up on this. Implementation is assured when a target of 150 participants is reached.
I hope you are as excited about participating in this special program as BTU is to offer it
to career teachers under these difficult financial circumstances.
Big WHOOP.
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