Golden Handshake for Clovis Teachers

April 10, 2008 12:00:00 AM PDT
More than a hundred Clovis Unified employees will be retiring early, a move the school district hopes will help ease a growing budget crisis.The Clovis Unified School Board voted unanimously Wednesday night, to extend what's called a "golden handshake" to 121 employees.

This form of early retirement is called a golden handshake because the district will pay a hefty bonus to those who are leaving the district. It's believed the move will save Clovis Unified more than $386-thousand dollars the first year and over $3-million by the tenth year.

The number of people choosing to retire early is three times the amount of retirees in an average year.