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12. B. 8.
Early Retirement Incentive Program
Kim Archambault, HR Director, Human Resources
Resolved the Calhoun County Board of Commissioners does hereby approve the 2021 Early Retirement Incentive Program as presented.
It is recommended that the Calhoun County Board of Commissioners approve the 2021 Early Retirement Incentive Program as presented.
The 2021 Early Retirement Incentive Program has been developed to provide budget savings and includes the following retirement incentives:
-Lump sum cash pay-out of $400 per year of service up to a maximum of $12,000
-Eligible employees electing to participate will be eligible to participate in the Calhoun County retiree health plan and will receive a $10 credit per year of service.
The Program Description is attached for your review. This program has been supported by the Department Heads/Elected Officials, as well as all of the participating union groups.
Financial costing has shown significant savings can be achieved by this program over time, however, it will depend on the number of employees that elect to participate and how the vacated positions are handled. If everyone eligible takes the program, it could result in up to a $1,800,000 savings over five years.
ERI Program Description
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