Application to ITRS for the Early Retirement Option. If eligible, teachers shall be allowed to apply for the Illinois Downstate Teachers' Retirement System's Early-Out Program in addition to the District's program described above. The District must be in receipt of written notification of intent to retire under the Early Retirement Option from the employee no later than the close of business on the first business day after January 1st of the year they plan to retire. Eligibility for approval of ERO will be determined by district teaching seniority in the year of the employee’s intended retirement. The ERO fund limit shall be set at $250,000.00 for all employees per retirement year. If, upon evaluation of eligibility, the District’s ERO cost for an employee will cause the $250,000.00 limit to be exceeded then the next most senior employee who has complied with the written notification requirement and does not cause the limit to be exceeded may be considered for approval. The District will have discretion to approve anything above the established limit. The District will notify the employee of acceptance or denial of their ERO application by January 30th of the year in which they plan to retire and allow the employee until February 15th to rescind their request.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
