Matt Fritz, The News Dispatch Staff Writer

LA PORTE — The La Porte Community School Corp. is giving some of its teachers an incentive to retire early.

During its rescheduled regular meeting Tuesday, board members voted unanimously to offer teachers a one-time retirement incentive for up to 15 teachers who agree to retire at the conclusion of the 2009-10 school year.

Superintendent Judy DeMuth said this was a cost-saving measure for the district, which is facing a $1.66 million revenue loss from the state.

In the incentive, the school board agrees to pay $8,000 into a retiring full-time teacher’s VEBA account for the next four years. Less than full-time teachers will be prorated.

To qualify for the program, teachers must qualify for Indiana Teachers Retirement on or prior to July 2010 and submit notice of his/her retirement by March 5, which will be irrevocable for those selected.

If the teacher is not selected to participate in the program, the teacher has until March 10 to withdraw his/her retirement.

The annual payment would be made into the teacher’s VEBA account in September 2010, 2011, 2012 and 2013.

A maximum of 15 teachers will be allowed to participate in this program. It will be offered on a first come, first serve basis.

DeMuth said the district would save money by leaving the positions vacant once the teachers leave, or by filling them with new teachers, who would have a lower starting salary.