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News
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Iowa's
Early
Retirement Program Saves More Money than Anticipated
Posted 29 June
2010
The State Early
Retirement Incentive Program (SERIP), with a deadline for state
employees to leave by June 24, 2010, will generate
higher-than-anticipated savings of approximately $88.6 million in FY
2011 for all Executive Branch agencies. Additional savings will be
realized as a result of the Legislature’s and Statewide Elected
Officers’ participation in the program.
Approximately 2,100 state employees signed up for the program. Under
the new law, eligible state workers who are age 55 or older must leave
employment by June 24 to take an early-retirement incentive that will
provide health insurance and monetary benefits for five years. SF 2062
prohibits agencies from filling vacancies created by retirements
through the program without approval by the state Department of
Management. The bill also prohibits those retirees from resuming state
employment. Eligible employees who have worked for the state for at
least 10 years and up to 25 years can receive $1,000 for each year of
service, up to a $25,000 maximum paid in five equal yearly installments
beginning next September. They also will get paid for unused vacation
time and up to five years of health insurance.
These projected savings assume that approximately 1,100 of the
positions being vacated will be refilled in FY 2011 in order to
maintain essential services. Of the total savings, approximately $42
million will be in the General Fund, compared to the original
projection of $26.4 million.
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