Baltimore city teacher buyout: Read the fine print
We've decided to post this as a public service announcement, because there still seems to be some confusion from the coverage of the city teacher buyout plan. Below is a FAQ sheet from the Baltimore Teachers Union that explains the key points of the Early Retirement Incentive Program.
I'd like to also offer my own FAQ: The buyout plan offers 75% of a teachers current salary DIVIDED over a 5-year-timespan. It is NOT 75 percent of a salary each year.
Here is an excerpt from one of our stories: "In an example of the package's breakdown, school officials said a teacher in the middle of the salary scale would earn about $60,000 a year. Seventy-five percent of that salary is $45,000; divided by five years, the package would pay out $750 a month."
Keep reading for the BTU breakdown:
The Baltimore Teachers Union
Retirement Buyout Option
Frequently Asked Questions
1.How do I know if I am eligible for the retirement buyout?
If you received a letter from City Schools, you are eligible; however this program is not mandatory, if you do not want to take the buyout, you do not have to. If you did not receive a letter and meet the requirements, please call the Benefits Office at 410‐396‐8885.
2. Where will my money go for the five years I’m getting the 75 percent?
You will receive 75 percent of your current year salary divided over a five year period, plus your pension. The money you get over the five years will be put into a 403B beginning September 1, 2011.
3. How will this affect my Social Security benefits?
This plan has nothing to do with your Social Security Benefits. When you turn 62 you will be able to collect Social Security from the Federal Government, however, if you are not already 62, you will no longer be paying into Social Security.
4.How are my health benefits affected by this?
Your health benefits will be the same benefits you would receive as a retired teacher.
5. Can I come back and work for Baltimore City Public Schools if I accept this buyout?
You may come back to the system as a substitute if you take this plan, however, you cannot come back in the City as a teacher.
6.Who does this buyout apply to?
This buyout only applies to teachers who want to take advantage of this program. If you received a letter from the school system, it means you are eligible for the program; however it is up to you if you choose to take the buyout. This is strictly optional.
Baltimoresun.com's 
Comments
Wow, the answer to #3 is worded very poorly, considering it was presumably put together by people in education.
Posted by: NT | February 17, 2011 2:55 PM
I have always been one to defend teachers but this makes no sense. According to BCPSS website there are 10, 281 school based employees. How many are teachers and why is this only being offered to teachers? This doesn't seem well thought out.
Posted by: OverTheTop | February 17, 2011 9:17 PM
As for the can I come back question, is that forever? For a few years? for the term of the buy out? And does that only apply to teaching positions or does that apply for any position at any time ever?
I love when clarifications bring on more questions.
I wonder if they just offered 1 year at 75% for two years if they would get more takers. And yes, math teachers, I know that 75% of one year is just that no matter how many years you spread it out, but it appears to be better. I for one would rather have a larger sum in a shorter time while I am looking for other things... Also, since I am in a school but not classified at a "teacher", am I eligible?
Posted by: interesting observations | February 20, 2011 1:25 PM
@IO. This is a blog, and perhaps not the best source of information on this topic. If you want to address your specific situation, contact your friends at North Ave or call the union. Or, just ask Dr. Alonso.
Either way, remember that even if you are able and decide to opt in to this, the offer is off the table if fewer than 349 teachers join you in making the decision to take the buy out.
Posted by: Anonymous | February 21, 2011 1:05 PM
Annon:
Yes, I know it's a blog, thanks:-)
And yes, I know I should ask my "friends" at 200 E North Ave. That would be if I had any - not too many of them speaking to me anymore. Such a shame...
What this also is, is a place where we can share what's on our minds and get the input of others who are smart. Given that your 'handle" isn't more of an identifier, I am not sure if you and I have had the pleasure of sharing ideas, sparring or what. I do appreciate your pointing out some of the details including the 349 part. Interesting to see how many will bite at the offer.
Hope you all enjoyed the "day off". I was at school and then with my own kids...
Posted by: interesting observations | February 22, 2011 5:12 PM