Classified Staff Retirement Incentive. This Section shall apply to classified staff employees only. Upon written irrevocable retirement notice to the Superintendent or designee, no later than September 1st (or within ninety calendar days following execution of this or a successor Collective Bargaining Agreement, whichever is later) of the fourth school year prior to the one at the end of which the employee shall retire, the District shall increase the regular compensation for that employee to a total amount equal to five percent (5%) greater than the compensation amount earned by that employee during the preceding school year, plus any longevity, for four (4) consecutive years. That is, the employee shall receive the Retirement Incentive increase of five percent (5%) annually in place of any other raise, and not in addition to any such raise. To be eligible:
1. the employee must be eligible to retire under the Illinois Municipal Retirement Fund;
2. must have completed at least ten (10) years of service at Xxxxxx Township High School at the time the retirement is effective
3. must work until the date indicated until the date indicated on the notice of intent to retire. For classified staff employees whose regular annual increase per Article XI.D (Classified Employee Wages) would be greater than the 5% increases described above in Article XI.K (Classified Staff Retirement Incentives), such employee will still give notice per the above but will receive the larger regular annual increase. In either case, all classified employees regardless will be eligible for the below. In addition to the above compensation increases the employee shall receive a post retirement severance payment equal to one hundred fifty ($150) dollars for every year of completed service to Xxxxxx Township High School. The Post-Retirement payment shall be paid in a lump sum in the month following the month of the employee’s last day of work in the District so as not to be considered creditable earnings. This retirement benefit is offered as an employee retention plan under Section 457(f) of the Internal Revenue Code, both as a reward for past service with the District and to further retain the services of the employee from the date of election of the retirement benefit until the date of retirement.
Classified Staff Retirement Incentive.
1. The Early Retirement incentive set forth below will be offered to Classified Employees every year during the length of the contract. Requests to take advantage of the retirement incentive must be submitted, in writing, to Human Resources by the first Board Meeting in January prior to the 3rd, 2nd or 1st year of retirement. To qualify for this retirement incentive, the Employee must:
a. Have reached age 55
b. Have at least eight (8) years of full-time service with the district
c. Must have at least eight (8) years of service with IMRF
d. Has not received retirement benefits from the District previously as a Certified Employee
2. For those Employees who qualify and give the Board an irrevocable written notice of retirement by the first Board meeting in January three (3) years prior to the year of retirement, the Board shall pay him/her a retirement incentive, inclusive of all other increases in IMRF creditable compensation, for each of his/her remaining three (3) years of service, less compensation for any services not rendered. The school year notice approved by the Board is regarded as Year one (1) of the incentive.
3. If an Employee gives the Board an irrevocable written notice of retirement by the first Board meeting in January, two (2) years prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for each of his/her remaining two (2) years of service, less compensation for any services not rendered. The school year notice approved by the Board is regarded as Year one (1) of the incentive.
4. If an Employee gives the Board an irrevocable written notice of retirement by the first Board meeting in January, one (1) year prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for his/her remaining one (1) year of service, less compensation for services not rendered. The school year notice approved by the Board is regarded as Year one (1) of the incentive.
a. Once an Employee submits an irrevocable written notice of retirement before the first Board meeting in January, as provided in paragraphs 2 through 4 above, that Employee shall be removed from the salary schedules contained in Exhibit O of this Agreement. All calculations for increased IMRF creditable earnings will be based on the IMRF creditable earnings in the year prior to the submission of the irrevocab...
Classified Staff Retirement Incentive. 1. Upon written irrevocable retirement notice to the Superintendent or designee, no later than September 1st (or within ninety calendar days following execution of this or a successor Collective Bargaining Agreement, whichever is later) of the fourth school year prior to the one at the end of which the employee shall retire, the District shall increase the regular compensation for that employee to a total amount equal to six percent (6%) greater than the compensation amount earned by that employee during the preceding school year, plus and longevity, for four (4) consecutive years. That is, the employee shall receive the Retirement Incentive increase of six percent (6%) annually in place of any other raise, and not in addition to any such raise.
