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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 of
<br />salary) '
<br />Totaf Salary
<br />&$enefits Retiree
<br />Health Ins (1
<br />year).
<br />..Prorated
<br />longevity
<br />Vacation'
<br />Pay
<br />
<br />Incentive Replace
<br />Salary &
<br />Benefits*
<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 $ 75,000 $ 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
<br />29
<br />25 X
<br />X
<br />
<br />X 16
<br />14
<br />14 $ 82,000
<br />$ 96,000
<br />$ 47,000 $ 6,000
<br />$ 6,000
<br />$ 6,000 $ 1,912
<br />$ 1,175
<br />$ 804 $ 8,207
<br />$ 7,184
<br />$ 2,158 $ 21,886
<br />$ 22,500
<br />$ 11,478 $ 24,729
<br />$ 30,129
<br />$ 13,014 $ 19,265
<br />$ 29,012
<br />$ 13,546 $ 32,006
<br />$ 30,859
<br />$ 14,440
<br />Estimated Cost Savings Based on
<br />Acceptance Rate
<br />
<br />
<br />Acceptance Rate
<br /># of
<br />Employees Estimated
<br />Cbst
<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 />"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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