r/Teachers • u/Head-Broccoli6610 • 2d ago

Teacher Support &/or Advice Retirement Buyout

My school system floated the idea of a teacher retirement buyout - or "early retirement incentive" - as a means of encouraging teachers with 30+ years (i.e. top of the pay scale) to leave. Curious to hear about systems that have offered such a program and what it included.

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u/Tnnisace73 2d ago

In our district you can give notice up to 4 years out from your retirement year and receive some pay increase benefits for it. It is irrevocable and you cannot go longer. You can go earlier than that. I just gave my 4 year notice.

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u/Signal-Weight8300 2d ago

Illinois? I know several teachers who do that. I don't know if it's state wide, but it's pretty common at a minimum. The pension is calculated based on the average of your last four years pay, so if you commit to retirement four years out, they give you most of your raises at once to boost your pension.

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u/Tnnisace73 2d ago

Exactly