Item C35
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: August 15.2006
Bulk Item: Yes --X- No
Division: Emplovee Services
Staff Contact Person: Teresa Aguiar X4458
AGENDA ITEM WORDING: Approval to adopt a policy of an Early Retirement Buy-Out Program.
ITEM BACKGROUND: Due to the recent budget situation and the possibility of future lay-offs,
there is now a desire to implement an Early Retirement Buy-out Program. Positions of those
employees who choose to participate in the program will then either be entirely eliminated OR filled at
a lower salaried employee once the individual leaves employment if it is detennined that the position
duties cannot be either eliminated or split among existing staff.
PREVIOUS RELEVANT BOCC ACTION: N/A
CONTRACT/AGREEMENT CHANGES: N/A
STAFF RECOMMENDATIONS: Approval to adopt policy.
TOTAL COST: N/ A
BUDGETED: Yes
NO-L-
COST TO COUNTY: N/ A
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes No X AMOUNT PER MONTH Year
APPROVED BY: County Atty -, OMB/Purchasing _ Risk Management .lf~
DOCUMENTATION:
Included
X
Not Required_
DISPOSITION:
AGENDA ITEM #
Revised 8/06
Office of the Employee Services Division Director
The Historic Gato Cigar Factory
1100 Simonton Street, Suite 268
Key West, FL 33040
(305) 292-4458 - PboDe
(305) 292-4564 - Fax
(- ....... ------
BOARD OF COUNTY COMMISSIONERS
Mayor Mario Di Gennaro, District 4
Mayor Pro Tern Dixie M. Spehar, District 1
George Neugent, District 2
Charles "SonnyN McCoy, District: 3
Sylvia J. Murphy, District 5
O,l!,~I,Y ~!2n~~E
(~) :>94.4641
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TO:
Board of County Commissioners
DATE: July 31, 2007
FROM:
Teresa E. Aguiar, _____A/1/l.
Employee Services Dir~ .
BOCC Meeting 8/15/07
Early Retirement "Buy-Out" Program
SUBJ:
This item requests approval to adopt a policy for an Early Retirement "Buy-Out" Program. There will be two
options for the employee to choose from:
OPTION I:
· INDIVIDUAL WIT..L REMAIN EMPLOYED FOR THREE MONTHS AND CLASSIFIED UNDER
'ADMINISTRATIVE LEAVE WITH PAY'.
· INDIVIDUAL WllL RECEIVE A 5% SALARY INCREASE AND WILL BE PAID A LUMP SUM OF 1112 OF THE
NEW ANNUAL SALARY AT THE END OF EMPLOYMENT.
· INDIVIDUAL WIT..L CONTINUE TO RECEIVE ALL BENEFITS FOR THE THREE MONTHS (UP UNTIT.. THE
RETIREMENT DATE),
· THE INDIVIDUAL MUST RETIRE WITH THE FLORIDA STATE RETIREMENT SYSTEM AT THE END OF
EMPLOYMENT.
· INDIVIDUAL WILL RECEIVE t 00% OF ACCRUED V ACA TION LEAVE.
· INDIVIDUAL WIT..L RECEIVE SICK LEAVE PAYOUT IN ACCORDANCE WITH POLICY.
OPTION 2:
· INDIVIDUAL WILL RECEIVE 25% OF THEIR ANNUAL SALARY IN A LUMP SUM PAYMENT.
· IF APPLICABLE, INDIVIDUAL WllL ALSO RECEIVE A LUMP SUM PAYOUT OF ANY CAR ALLOWANCE,
HOLIDAY PAY, YEARS OF SERVICE AWARD, MERIT INCREASE, ETC. THAT WOULD HAVE BEEN PAID TO
HIM/HER UP UNTIT.. THE RETIREMENT DATE.
· INDIVIDUAL WILL RECEIVE 100% OF ACCRUED V ACA TION LEA VB.
· INDIVIDUAL WIT..L RECEIVE SICK LEAVE PAYOUT IN ACCORDANCE WITH POLICY.
· INDIVIDUAL WIT..L RECEIVE A 5% SALARY INCREASE AND WIT..L BE PAID A LUMP SUM OF 1/12 OF THE
NEW ANNUAL SALARY.
· ONCE NOTIFIED OF THE APPROVAL, THE EMPLOYEE MUST SUBMIT A RESIGNATION LETTER WITHIN 3
WORKING DAYS, IN ADDITION, MUST COMPLETE THE PROCESS FOR RETIREMENT WITH THE FLORIDA
STATE RETIREMENT SYSTEM.
Once adopted, the employee will be given a deadline date of August 31, 2007 to express hislher interest, in
writing, to participate in the program. This will be an ongoing program and subsequent to December 3 I,
2007, open enrollment to participate in the program will be during the month of June each year.
If you have any questions on this item, please do not hesitate to contact me at X4458.
MONROE COUNTY AHO
ROVED AS TO
Date