David Slone, Times-Union Staff Writer

AKRON - Hoping to help reduce expenses, the Tippecanoe Valley School Board Thursday approved a motion to offer eligible teachers a retirement incentive program.

According to information provided by Superintendent Brett Boggs, the retirement incentive program is a one-time offer to teachers of retirement age who meet Indiana guidelines for early retirement.

Eligible teachers will be able to select one of two incentive options. One option is for health insurance coverage under the terms applicable to active teachers. The other option is two cash payments of $10,000 each being contributed to an employee's 403b account over a two-year period.

Teachers wanting to be considered for the retirement incentive program must apply by the end of the workday April 16. The school board reserves the right to limit the number of teachers awarded the retirement incentive. Any teacher applicant not awarded the retirement incentive will be allowed to rescind their letter of intent to retire and return to Tippecanoe Valley for the 2010-11 school year.

Reduced revenues for Valley are the result of two factors. First is a decline in student enrollment, and second is a shortfall in state support funding.

In 2010, the total decrease in revenue is expected to be more than $729,000 with the enrollment factor accounting for about $142,000 and the state shortfall being slightly more than $587,000, according to Boggs' information.