Fayette looking at early retirement plan for over-55 county employees
Fayette County may soon be offering an early retirement program for employees 55 and over who have a minimum 20 years of service under their belts.
The plan would result in a cost savings for the county, which would be paying the smaller retirement wages in lieu of each employee’s full salary.
Some 44 employees are eligible for the voluntary early retirement program, which would provide them with an unreduced retirement benefit and credit for an additional five years of service which would also increase their monthly payment under the plan.
The county is also offering a post-retirement health insurance benefit for participants until age 65, but that benefit would be limited to the employee only, not their spouse or immediate family members, according to county documents.
The estimated average increased plan liability is $86,864 per participant, and the county would be paying that contribution into the plan from its cash reserves.
The county commission is expected to vote Thursday night on a resolution to prepare details on the early retirement package.