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Elko County School District approves buyout of retirement service credit, board told it will save money over two years
Summary
The Elko County School District board approved payment to buy retirement service credit for select employees, a one-time cost reported as $490,715 with projected two‑year savings of $168,846; board members discussed budget and contingency implications before voting.
The Elko County School District board voted to approve the top two categories of requests to purchase retirement service credit, authorizing a one‑time payment to Public Employees’ Retirement System to buy out selected employees’ service credit.
Board members were told the payment would be made immediately and that the total one‑time cost to the district is $490,715. Officials described the figure as a buyout payment to PERS that allows positions to be backfilled at lower salaries; district staff presented a projected net savings…
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