It is a respectful act to send deserving people to workshops, institutes, conferences of real quality. There should be no strings attached and full pay. The purpose is refreshment, recipient's choice. The only cost to the school is the cost of a substitute. Offer supplementary retirement benefits that exceed the school's normal program.
Teachers deserve more than minimalist conditions in old age.
Make interest-free loans available for downpayments on a house. Thousands of teachers who work in cities and boarding schools have no equity in real estate. Consider helping faculty with tuition payments for their children at other schools or colleges. Federal law permits such grants tax-free. Provide faculty members with an occasional consultant for personal financial and estate planning.