Overton BOE Structuring Employee Buyouts At Next Meeting

The Overton County Board of Education is working on a structured financial plan for future buyouts of retiring employees.

Chairman Jarman Hicks said members are considering making the option available this school year and continuing buyouts every five years.

“A structured buyout first off it helps your employees plan ahead for those that are anticipating a retiring date,” Hicks said. “For the board itself, it helps them look financially down the road.”

Buyouts are meant to be beneficial to both the school system and faculty. For example, a teacher that has taught 30 years has maxed out their pay scale. The Board of Education will offer a monetary incentive for that employee to retire early, so the position can be filled with a new candidate that starts with a lower salary.

“Right now, we’re looking into a more structured term of buyout,” Hicks said. “In the past, there’s not necessarily been a specific time frame the board looked into a buyout.”

Hicks said part of the challenge is the number of eligible employees always fluctuating. Hicks said currently, 17 eligible staff members are interested in being bought out. Hicks said this would cost the school system about $100,000.

“The buyout as far as certified employees is based on years of service plus educational certification,” Hicks said. “Our non-certified employees, their buyout option is based on year of service with Overton County Schools.”

Hicks said the ultimate saving from a buyout this year will be presented to the board in May for consideration.