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supporting documentation as needed to CARE@eastchestereducation.org .
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Siebert Retirement Payout
"Under the contract, giving the school board 10 months' notice, which brings Siebert into the 2007-08 school
year, provides financial benefits.
Siebert has 90 unused sick days and 49.5 unused vacation days.. He will earn an additional 5.8 vacation days in
July and August.
Giving 10 months' notice provides Siebert the right to cash in additional sick days. If he retired this school year,
he would be eligible to cash in 75 unused sick days. He becomes eligible to cash in 85 by retiring next year.
Waiting also increases the day rate used to calculate his payout. In 2006-07, he earned $241,733, or $1,007 a
day. If he retired as of June 30, Siebert would be eligible for 49.5 vacation days and 55 sick days, resulting in an
estimated payout of $105,232.
By retiring in September, Siebert will receive a raise to $252,611 on July 1, which raises his day rate to $1,053 a
day.
That gives the school board 10 months notice, and provides Siebert with the right to cash in 30 more sick days.
If he cashed in 49.5 unused vacation days and 85 sick days, he would receive an estimated $141,628."
Eastchester schools chief, 57, to retire before contract expires (Journal News)
"Under the contract, giving the school board 10 months' notice, which brings Siebert into the 2007-08 school
year, provides financial benefits.
Siebert has 90 unused sick days and 49.5 unused vacation days.. He will earn an additional 5.8 vacation days in
July and August.
Giving 10 months' notice provides Siebert the right to cash in additional sick days. If he retired this school year,
he would be eligible to cash in 75 unused sick days. He becomes eligible to cash in 85 by retiring next year.
Waiting also increases the day rate used to calculate his payout. In 2006-07, he earned $241,733, or $1,007 a
day. If he retired as of June 30, Siebert would be eligible for 49.5 vacation days and 55 sick days, resulting in an
estimated payout of $105,232.
By retiring in September, Siebert will receive a raise to $252,611 on July 1, which raises his day rate to $1,053 a
day.
That gives the school board 10 months notice, and provides Siebert with the right to cash in 30 more sick days.
If he cashed in 49.5 unused vacation days and 85 sick days, he would receive an estimated $141,628."
Eastchester schools chief, 57, to retire before contract expires (Journal News)