Rapid City Council OKs Voluntary Retirement Buyout Program
RAPID CITY, S.D. (AP) — The Rapid City Council has approved a voluntary retirement buyout program for long-term city employees that Mayor Steve Allender says could save the city hundreds of thousands of dollars in the long run.
Allender says one out of every eight city employees is eligible, and it could be a simple way to trim labor costs.
Some council members expressed concern about the possibility of losing too many experienced employees, but the vote to approve the one-time program was unanimous.
Full-time employees with at least 20 years of city experience who are eligible under the South Dakota Retirement System can receive three months of bonus pay in exchange for retiring by the end of the year.
Officials say the maximum $1.5 million cost could be recovered in less than two years.
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