Santa Monica : ‘Golden Handshake’ Explored

The Santa Monica-Malibu Board of Education has agreed to ask the state Department of Education whether the school district can participate in an early retirement, or “golden handshake,” program of the state Teachers’ Retirement System.

Under the program, certificated employees under age 60 may retire early with two additional years of service credit. The district plans to offer the plan between May 1 and June 30.

The district could save about $20,000 if 15% of the 60 certificated teachers between the ages of 55 and 59 retired.