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School board approves senior-management retirement reallocation, pending FRS approval
Summary
The board voted to move senior-level administrators from the FRS senior-management class to the regular FRS class and to reallocate the employer retirement contribution into salary increases via an administrative salary matrix; the change is subject to approval by the Florida Retirement System and would take effect July 1.
The Hendry County School Board voted to move senior-level administrators out of the Florida Retirement System (FRS) senior-management class and into the regular FRS class and to reallocate the employer retirement contribution into base salary through a new administrative salary matrix, pending final state approval by FRS.
CFO Jason Adams presented the proposal and the district’s analysis, saying the change reallocates money already paid into senior-management retirement and does not use general-fund dollars. “Moving senior management to regular class at the current salaries of the participants in senior management would at the 20.89 percent bring a total district savings of $464,163.68,” Adams told the board. He also presented a first-year net figure that the district staff characterized as a modest savings to the general fund once the…
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