Largo Clarifies Early Retirement Options for Eligible Employees
by Bill Lopez
LARGO - The city administration in Largo has adopted an Early Retirement Incentive program for 2009. The intent is to reduce expenses due to Amendment 1 budget reductions and the downturn in the economy.
The early retirement program will be voluntary and offered to all existing staff who are vested in their respective retirement plans. They must also be of an age that would not incur penalty for early withdrawal from the plan.
Largo plans to leave vacancies created by the early retirement incentive program unfilled prior to FY 2010 in order to stay within this fiscal year's appropriated budget and affect savings in the FY 2010 budget.
Eligible employees include those in 401(a) Retirement Plans who are Age 59 ½ and have 5 years of employment as of 9/30/09 and employees in Defined Benefit Retirement Plans with 23 years of service or 55 years of age with 10 years in Plan by 4/01/09.
Employees in 401(a) Retirement Plan, age 59 ½ with 5 years of employment by 9/30/09 who elect to take early retirement have the option of no pay and 12 months current health insurance selection; 6 months pay and 6 months current health insurance selection; or 3 months pay and 9 months current health insurance selection.
Employees in Defined Benefit Plan with 23 years service or those 55 and over with 10 years in Plan by 4/01/09 may take no pay and 12 months current health insurance selection.
Contact Bill Lopez at firstname.lastname@example.org
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