School Board Makes New Retirement Agreement with Peterson in Cost-Saving Measure

February 23, 2018 (Independence, IA) – The Independence School Board has recently approved a new agreement for the Independence Community School District Superintendent, Russell Reiter. Peterson, who retires on June 30, was contracted to receive payment for her unused vacation days out of the general fund when she retired.

In a move to avoid extra cost for both the District and Peterson, the funds will now be a “health reimbursement arrangement,” according to Laura Morine, Finance Director for Independence Community School District.School Board President Eric Smith in a statement, Wednesday, said “I appreciate Superintendent Peterson’s willingness to work with the school district by accepting an HRA in lieu of a cash payout of her unused vacation days.”This allows the money to be drawn directly from the management fund, which frees it from taxes that must be paid out of general fund disbursements. The new plan stipulates that the funds must be used for healthcare expenses.

“During her tenure, Superintendent Peterson worked to maintain the financial viability of the district. This action saves money for the school district’s general fund and avoids paying tax on a portion of the money,” said Smith.

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