Common use of Buy Out of Retirement Compensation Clause in Contracts

Buy Out of Retirement Compensation. 1. This Section A applies only to teachers employed or on an approved leave in the 2002/2003 school year, and only to teachers who will be at least fifty-four years old and will attain their earliest retirement date with unreduced benefits under ISTRF on or before June 30, 2018. Teachers must submit a letter of resignation to the Superintendent or his/her designee, not later than 60 calendar days prior to the date of retirement. The Superintendent may waive this requirement. 2. The present value of each eligible teacher’s retirement compensation as of June 30, 2003 was calculated using assumptions set forth below based on (i) actual sick leave as of June 30, 2003 plus projected sick leave to earliest retirement date, and in no event more than 130 days;

Buy Out of Retirement Compensation. 1. This Section A applies only to teachers employed or on an approved leave in the 2002/2003 school year, and only to teachers who will be at least fifty-four years old and will attain their earliest retirement date with unreduced benefits under ISTRF on or before June 30, 2018. Teachers must submit a letter of resignation to the Superintendent or his/her designee, not later than 60 calendar calendarCcalendar days prior to the date of retirement. The Superintendent may waive this requirement. 2. The present value of each eligible teacher’s retirement compensation as of June 30, 2003 was calculated using assumptions set forth below based on (i) actual sick leave as of June 30, 2003 plus projected sick leave to earliest retirement date, and in no event more than 130 days;