In an effort to offset budget shortfalls, Baltimore City Public Schools has offered a buy-out plan for up to 750 of its most experienced teachers. Teachers who have taught for more than 10 years can opt for an early-retirement package, which will pay 75% of a teacher’s current annual salary monthly, for a total of five years. Those who take the buyout will also get their regular pension at retirement age, but will not receive health benefits. BCPSS predicts a 73 million-budget deficit for next year, in addition to probably state budget cuts to education next year due to a change in the Thornton funding formula. BCPSS hopes to save 5-10 million from the buyout plan.
Tuesday, March 8, 2011
Teacher Buyouts? Budget Concerns vs. Losing Experienced Teachers
Posted by RPTeacher at 4:34 PM