July 23, 2014 at 2:10 p.m.
Buyout program advances (4/27/04)
Board moves ahead on bonding plan
Wheels on the Jay School Corporation’s buyout program are moving.
Jay School Board members voted Monday on bonds of $10.3 million issued to buy out employees under the old retirement plan and give money to the teachers under new retirement plans to pay for health insurance in retirement.
Board members had to wait until the 2003-04 teachers’ contract was ratified on March 18 to begin work on the buyout program.
Faculty members planning to retire after the 2004-05 school year were required to notify the corporation by April 1 if they wish to take part in the buyout program under the old retirement plan. That allows retirees to pay $1 a year for insurance until they are age 65 as a retiree for a single plan and pays $262.50 per day (Continued on page 10)
(Continued from page 1)
for sick days accumulated during their employment for a maximum total of $42,000.
A long list of veteran Jay Schools teachers have notified the corporation that they intend to retire after the 2004-05 school year to take advantage of the benefits offered under the former contract.
The bond process must be completed by Dec. 31, 2004.
“Under the new teachers’ contract it was ratified that you could still take advantage of the old retirement plan,” school corporation business manager Brad DeRome said this morning.
“Under the new pension bond process ... we are getting out of the business of paying for retiree insurance for certified staff.”
DeRome added the corporation will set up a Voluntary Employee Beneficiary Association for retiree health insurance and to pay for accumulated sick days.
The bonds will be paid off with property tax revenues that otherwise would have gone for capital projects, and will not require an addition to the tax rate.
According to information from DeRome, the $10.3 million in bond money will be used to buyout and set aside funds for future unfunded obligations. The maximum pay-back period for the bonds will be 20 years.
An analysis of the corporation’s unfunded liabilities, reviewed by actuarial firm McKready & Keen Inc. in 2001, revealed that the corporation had a then-present value of unfunded retirement severance obligation and retirement health insurance totaling $23 million, representing active and retired employees.
Among those teachers announcing their intention to resign effective at the end of next school year were: Music teacher Brenda Bergman; Jay County High School social studies teacher Steve Ford; speech and language pathology teacher Rebecca Henry; elementary librarian Sue Hersberger; band director and music teacher Dave Humbert; social studies teacher Dawn Klatt, elementary teacher Mark Klatt; science teacher Gary Smith; speech and language pathology teacher Mary Jane Smith; JCHS social studies teacher Jane Switzer; and elementary school teacher Judith VanSkyock.
Also for the 2004-05 school year the board voted to re-assign part-time literacy coach Donna Geesaman to Westlawn Elementary School.
In other business, the board accepted a $4.23 million bid for a new medical and vision insurance contract from JF Molloy of Indianapolis, switching from its current provider Humana.
The new contract will be effective from June 1 to May 31, 2005.
DeRome recommended that the board select JF Molloy, even though it was not the low bidder. Unified had the low bid at $4.175 million. DeRome said he recommended JF Molloy for its customer service.
Humana submitted a $4,754,000 bid for renewal.
DeRome also announced that there will not be an increase in premiums.
Also Monday, board members accepted a low bid of $249,769 from LICA Construction for paving of the parking lot on the north side of JCHS. Other plans for this project include increasing lighting in the parking lot for security and removing the concrete islands.
DeRome said that construction should begin on June 7 and should be completed by Aug. 1.
Board members did not accept two optional alternative project bids, totaling $95,546, to add parking on the south and east sides of the school.
Both DeRome and superintendent Barbara Downing recommended the board only accept the north side lot project.
“I feel that we need to stick to the $250,000 (project total.) We have a number of projects started (using capital projects funds),” Downing said.
In other business, the board:
•Heard enrollment projections for the 2004-05 school year reviewed by Downing. She estimated that the enrollment total would be slightly smaller.
According to figures reported Monday, enrollment for the entire school corporation is expected to total 3,878, down from the current school year total of 3,892.
•Approved a surplus equipment auction on Friday, May 14, at 4 p.m. at the old bus garage at East Jay Middle School. The sale will include a 1990 Ford van, an assortment of school desks, chairs, school cafeteria tables, chairs, personal computers, hardware, monitors and keyboards, basketball backboards and goals and playground equipment.
•Accepted a computer donation to EJMS for a computer from Wal-Mart and Frito Lay through a Computers for Kids program launched in January by the companies.
•Approved courses for 2004 summer school at JCHS 6 to 1, with board member Bryan Alexander voting in opposition.
Alexander asked about the number of senior students that will be attending summer school. JCHS principal Wood Barwick told him that about 10 seniors will be attending summer school this year to take a government class.
“I hate the block schedule ... students could potentially take (government) five times (during their four years in high school). To me that is perverse,” Alexander said.
Board member Frank Vormohr said that eliminating block scheduling would mean an increase in money spent at JCHS.
Besides government, the schedule will include high school and middle school music, algebra, pre-algebra and drivers’ education classes.
•Approved a number of extracurricular assignments including Gary Smith as EJMS team leader and Connie Lyons as EJMS newspaper staff advisor and seventh grade basketball coach.
•Accepted the resignations of JCHS custodian Curtis Chapman and Westlawn teacher Jennifer Fisher.
•Hired Bobbi Newsome as third shift custodian at JCHS.
•Authorized overnight field trips by JCHS Pre-Vocational Education Club to Sandusky, Ohio from May 12 to 13 and EJMS and West Jay Middle School eighth grade students to Washington, D.C. from Nov. 17 to 21.
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Jay School Board members voted Monday on bonds of $10.3 million issued to buy out employees under the old retirement plan and give money to the teachers under new retirement plans to pay for health insurance in retirement.
Board members had to wait until the 2003-04 teachers’ contract was ratified on March 18 to begin work on the buyout program.
Faculty members planning to retire after the 2004-05 school year were required to notify the corporation by April 1 if they wish to take part in the buyout program under the old retirement plan. That allows retirees to pay $1 a year for insurance until they are age 65 as a retiree for a single plan and pays $262.50 per day (Continued on page 10)
(Continued from page 1)
for sick days accumulated during their employment for a maximum total of $42,000.
A long list of veteran Jay Schools teachers have notified the corporation that they intend to retire after the 2004-05 school year to take advantage of the benefits offered under the former contract.
The bond process must be completed by Dec. 31, 2004.
“Under the new teachers’ contract it was ratified that you could still take advantage of the old retirement plan,” school corporation business manager Brad DeRome said this morning.
“Under the new pension bond process ... we are getting out of the business of paying for retiree insurance for certified staff.”
DeRome added the corporation will set up a Voluntary Employee Beneficiary Association for retiree health insurance and to pay for accumulated sick days.
The bonds will be paid off with property tax revenues that otherwise would have gone for capital projects, and will not require an addition to the tax rate.
According to information from DeRome, the $10.3 million in bond money will be used to buyout and set aside funds for future unfunded obligations. The maximum pay-back period for the bonds will be 20 years.
An analysis of the corporation’s unfunded liabilities, reviewed by actuarial firm McKready & Keen Inc. in 2001, revealed that the corporation had a then-present value of unfunded retirement severance obligation and retirement health insurance totaling $23 million, representing active and retired employees.
Among those teachers announcing their intention to resign effective at the end of next school year were: Music teacher Brenda Bergman; Jay County High School social studies teacher Steve Ford; speech and language pathology teacher Rebecca Henry; elementary librarian Sue Hersberger; band director and music teacher Dave Humbert; social studies teacher Dawn Klatt, elementary teacher Mark Klatt; science teacher Gary Smith; speech and language pathology teacher Mary Jane Smith; JCHS social studies teacher Jane Switzer; and elementary school teacher Judith VanSkyock.
Also for the 2004-05 school year the board voted to re-assign part-time literacy coach Donna Geesaman to Westlawn Elementary School.
In other business, the board accepted a $4.23 million bid for a new medical and vision insurance contract from JF Molloy of Indianapolis, switching from its current provider Humana.
The new contract will be effective from June 1 to May 31, 2005.
DeRome recommended that the board select JF Molloy, even though it was not the low bidder. Unified had the low bid at $4.175 million. DeRome said he recommended JF Molloy for its customer service.
Humana submitted a $4,754,000 bid for renewal.
DeRome also announced that there will not be an increase in premiums.
Also Monday, board members accepted a low bid of $249,769 from LICA Construction for paving of the parking lot on the north side of JCHS. Other plans for this project include increasing lighting in the parking lot for security and removing the concrete islands.
DeRome said that construction should begin on June 7 and should be completed by Aug. 1.
Board members did not accept two optional alternative project bids, totaling $95,546, to add parking on the south and east sides of the school.
Both DeRome and superintendent Barbara Downing recommended the board only accept the north side lot project.
“I feel that we need to stick to the $250,000 (project total.) We have a number of projects started (using capital projects funds),” Downing said.
In other business, the board:
•Heard enrollment projections for the 2004-05 school year reviewed by Downing. She estimated that the enrollment total would be slightly smaller.
According to figures reported Monday, enrollment for the entire school corporation is expected to total 3,878, down from the current school year total of 3,892.
•Approved a surplus equipment auction on Friday, May 14, at 4 p.m. at the old bus garage at East Jay Middle School. The sale will include a 1990 Ford van, an assortment of school desks, chairs, school cafeteria tables, chairs, personal computers, hardware, monitors and keyboards, basketball backboards and goals and playground equipment.
•Accepted a computer donation to EJMS for a computer from Wal-Mart and Frito Lay through a Computers for Kids program launched in January by the companies.
•Approved courses for 2004 summer school at JCHS 6 to 1, with board member Bryan Alexander voting in opposition.
Alexander asked about the number of senior students that will be attending summer school. JCHS principal Wood Barwick told him that about 10 seniors will be attending summer school this year to take a government class.
“I hate the block schedule ... students could potentially take (government) five times (during their four years in high school). To me that is perverse,” Alexander said.
Board member Frank Vormohr said that eliminating block scheduling would mean an increase in money spent at JCHS.
Besides government, the schedule will include high school and middle school music, algebra, pre-algebra and drivers’ education classes.
•Approved a number of extracurricular assignments including Gary Smith as EJMS team leader and Connie Lyons as EJMS newspaper staff advisor and seventh grade basketball coach.
•Accepted the resignations of JCHS custodian Curtis Chapman and Westlawn teacher Jennifer Fisher.
•Hired Bobbi Newsome as third shift custodian at JCHS.
•Authorized overnight field trips by JCHS Pre-Vocational Education Club to Sandusky, Ohio from May 12 to 13 and EJMS and West Jay Middle School eighth grade students to Washington, D.C. from Nov. 17 to 21.
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