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Ripley Power superintendent reports retirement lump‑sum cap increased to $5,000
Summary
In the superintendent’s report the board heard that an internal retirement payment policy was revised to replace an older $1,000 cap with a $5,000 lump‑sum payout; the change was described as an administrative update following counsel and actuarial review and may require final confirmation.
The Ripley Power and Light superintendent reported that the retirement payout policy was revised to provide a lump‑sum payment of up to $5,000 to departing employees, replacing an earlier $1,000 limit that previously had been paid in installments.
“Where a person retires and then we only owe them a thousand dollars. We used to go write them a check. We moved that to $5,000,” Superintendent said in the meeting, describing the administrative change intended to simplify payouts. The superintendent said the update followed counsel and actuarial review; he and board members discussed timing and the superintendent said he was awaiting confirmation from the actuary on certain points tied to IRS requirements.
Board members did not record a separate vote on the policy change during the meeting. The superintendent said some clarifications remain and that he would confirm final actuarial figures and legal review before returning a fully executed document to the board.
