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Attachment 3
<br />2010 Retirement Incentive
<br />Program Eligibility and Cost Savings Estimates
<br />Years
<br />of
<br />Service
<br />Eligible
<br />Employees
<br />Unreduced
<br />Benefit
<br />Reduced
<br />Benefit Incentive
<br />(weeks
<br />of salary) Total
<br />Salary S<
<br />Benefits Retiree
<br />Health Ins
<br />(1 year)
<br />Prorated
<br />Longevity
<br />Vacation
<br />Pay
<br />
<br />Incentive Replace
<br />Salary &
<br />8enefits*
<br />Total Cost
<br />Savings
<br />Average
<br />Payment**
<br />30+ 5 5 0 16 $ 458,000 $ 24,000 $ 13,000 $ 45,000 $ 123,000 $ 135,000 $ 118,000 $ 36,000
<br />25-29 21 5 16 14 $1,560,000 $ 120,000 $ 28,000 $ 144,000 $ 365,000 $ 458,000 $ 445,000 $ 25,500
<br />20-24 34 3 31 12 $2,383,000 $ 198,000 $ 32,000 $ 237,000 $ 478,000 $ 706,000 $ 732,000 $ 22,000
<br />15-19 14 4 10 10 $ 746,000 $ 75,040 $ 10,000 $ 61,000 $ 128,000 $ 251,000 $ 221,000 $ 14,000
<br />10-14 17 6 11 8 $1,109,000 $ 87,000 $ 8,000 $ 96,000 $ 150,000 $ 358,000 $ 410,000 $ 15,000
<br />Totals 91 23 68 $6,256,000 $ 504,000 $ 91,000 $ 583,000 $1,244,000 $1,908,000 $1,926,000 $ 21,000
<br />Examples {Actual Eligible Employees)
<br />30 X 16 $ 82,000 $ 6,000 $ 1,912 $ 8,207 $ 21,886 $ 24,729 $ 19,265 $ 32,006
<br />29 X 14 $ 96,000 $ 6,000 $ 1,175 $ 7,184 $ 22,500 $ 30,129 $ 29,012 $ 30,859
<br />25 X 14 $ 47,000 $ 6,000 $ 804 $ 2,158 $ 11,478 $ 13,014 $ 13,546 $ 14,440
<br />Estimated Cost Savings Based on
<br />Acceptance Rate
<br />
<br />
<br />Acceptance Rate
<br /># of
<br />Employees Estimated
<br />Cost
<br />Savings
<br />10% 9 $192,600
<br />15% 14 $288,900
<br />20°!° 18 $ 385,200
<br />25% 23 $481,500
<br />30% 27 $577,800
<br />a
<br />w
<br />*Replacement salary and benefits calculated for 4 months at an annual salary 10% above minimum of range and benefits equivalent to 30% of annual salary.
<br />"Average payment includes incentive, prorated longevity and vacation payments.
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