Frederick's Board of Aldermen voted Thursday to offer 69 city employees voluntary early retirement packages.
The workers represent 12.5 percent of the city's 550 employees. Those within five years of their retirement are eligible for the plan.
The board's approval of the plan drew cheers from workers who crowded into the City Hall boardroom.
The city will save $662,386 in the coming fiscal year if half of those eligible accept the buyout, as is projected. In each year after that, about $250,000 will be saved in personnel costs.
Employees will have to decide on the buyout by July 1st.
The early retirement plan includes a payment of two years salary and full retirement benefits. Even those who have stayed on past 25- or 30-year retirement date would receive a salary payment.
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Information from: The Frederick (Md.) News-Post
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