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Board discusses retirement payout options; district to offer 403(b), 457(b) and Roth choices to staff
Summary
The board discussed establishing retirement payout options to let employees place sick-day payouts into retirement accounts; the district said a pensions adviser will meet staff at a professional development day to review options.
The superintendent highlighted agenda items about establishing retirement payout options intended to give employees flexibility when they retire. The items discussed will allow employees to direct sick-day payout amounts into retirement accounts such as 403(b) and 457(b) plans or Roth options, the superintendent said, to avoid double taxation in some cases.
Board and finance committee discussions worked on wording to meet the needs of the Flemington-Raritan Education Association (FREA) and district staff, the superintendent said. Officials said a pensions adviser with expertise will be invited to speak to staff at a February 13 professional development day to help employees understand their choices.
District leaders said the changes are intended to provide retiring employees additional options for handling payouts of accumulated sick days; no specific dates for implementation or contract language were announced at the meeting.
