This week the Frederick Board of County Commissioners voted unanimously to provide eligible employees with a limited-time, voluntary retirement incentive opportunity. The benefit is intended to provide budgetary savings, reduce payroll expenses and provide long-term Frederick County Government employees who would like to retire with financial assistance. As described by Frederick County,
Based on years of service, 154 county employees are eligible to take advantage of the voluntary retirement incentive. The amount of the benefit will be a flat gross amount of $25,000 per employee, and this amount will not be included in the employee’s budgeted annual rate of pay, so it will not be included in the average pay calculation used for determining retirement benefits.
As Blaine Young, Frederick County Board President, described, “The plan will produce immediate savings for reoccurring expenditures and deal with the structural budget deficit. . .”
For more information, see the full news release from Frederick County Government.