Bay hiring actuary to study retirement benefits

Whitefish Bay - School officials have agreed to study options for post retirement plans already in place from past collective bargaining agreements. The move comes as districts statewide examine budgets amid ongoing fiscal constraints.

The School Board last week directed administrators to move forward with the study, which will be conducted by an actuary with input from a four-member committee.

"The goal is to create a plan that's sustainable and affordable, yet retains and attracts quality employees," Shawn Yde, director of business services, said. "We definitely want to solicit feedback and survey all employees - not just the teachers."

Yde said the district has been discussing the future of post retirement plan funding in the district from as far back as 2002. With collective bargaining having largely ceased, the district has been moving full steam ahead with the effort.

The committee is comprised of Yde, District Administrator Mary Gavigan, Director of Human Resources Mark Kapocius and a School Board member. In addition to selecting an actuary, the committee will review the current condition of the Other Post Employee Benefits, or OPEB, structure within the already established trust and compare offerings in other public school districts.

The hired actuarial firm will be charged with cost estimates based on a variety of scenarios.

The board had discussed the prospect of also comparing post retirement plans with neighboring private and parochial schools. But Yde said such a comparison might not yield accurate results.

"Comparing a private sector employee to a school teacher really won't result in a fair comparison," he said.

School Board member James Phillips agreed, saying, "I think it's essential to compare the offerings of those we compete with."

Yde said the goal is to have the study completed by March 1, though input from an actuary could alter the timeline.