Eligible Frisco ISD employees will receive bonuses for staying with the district during the 2023-24 school year.

The district’s board of trustees unanimously approved the retention incentive on Nov. 13. The bonus is meant to thank employees for their work in FISD, said Kimberly Smith, chief finance and strategy officer for the district.

The backstory

The retention incentive is the same bonus the board has approved the last five school years, Smith said. This year’s amount was increased to show “extra thanks” to employees who have stuck with FISD, she said.

The framework

The district gave an incentive of 1% an employee’s salary plus $50 for every year served in the district during the last school year.

This year, the district will give employees a bonus of $50 for each year of service to FISD, and the greater of either 1.5% of the employee’s base salary or $500, Smith said.

“This is a little bit greater than what we’ve provided in the past,” she said.

To be eligible, employees will need at least one year of service credit through the Teacher Retirement System of Texas by Sept. 1, 2023, Smith said. Staff members must be employed through the last day of the fall 2023 semester and will need to still be at the district Jan. 15 when it is paid out, she said. Retirees will remain eligible for the incentive.

Looking ahead

The board’s vote on Nov. 13 was to approve the terms of the incentive program, Smith said. District officials will then pull employee data to run total costs for the bonus and bring a budget amendment to the board at its December meeting.

The program is estimated to cost $9 million, according to the agenda. Saved funds in the district will be used to cover the costs, Smith said.