At least 40 teachers from Vigo County School Corp. have decided to take advantage of an early retirement incentive offered under the new collective agreement, the district confirmed.

Forty was the minimum number of teachers needed to participate, otherwise the offer would have been canceled. Qualified teachers must provide notice by this Friday.

The early retirement incentive was mutually agreed upon by the Vigo County Teachers Association and the VCSC “as a method of scaling up our district,” said Bill Riley, VCSC director of communications.

So far, the average salary of teachers taking advantage of this program is $ 73,200. With benefits, that average total compensation stands at $ 93,300, Riley said.

While the departure of so many seasoned educators helps the district meet financial challenges, it also represents the loss of many experienced teachers.

There are tradeoffs with the incentive for early retirement, Riley said, “and we will miss these experienced educators in our buildings.”

But as the district continues to resize and correct its deficit spending, “it will benefit from the opportunity to take a close look at how we can reduce staff to match the expected continuing decline in student numbers … without resorting to layoffs. , ” he said.

The cost savings associated with losing teachers at the top of the salary scale will help the district to end its deficit spending “and, hopefully, allow teachers and staff to have more dollars at home. future, ”Riley said.

The early retirement buy-back allowance required 40 qualified teachers to give notice by Friday of their retirement at the end of this school year. A stipend of $ 25,500 will be paid into the 401 (a) retirement account of eligible teachers in two installments, in December and June.

If less than 40 teachers had participated, the buyout offer would have been canceled.

Sue Loughlin can be reached at 812-231-4235 or [email protected] Follow Sue on Twitter @TribStarSue.