District Retirement Incentive. Eligible teachers may choose Option A or Option B. Option A Teachers are eligible for Option A if they: • Rendered at least twenty (20) years or more of service to the District • Are eligible for retirement as defined by the Illinois Teacher Retirement System (TRS) • Will not utilize TRS Early Retirement Option (ERO)
District Retirement Incentive. To be eligible for this incentive, teachers at the date of retirement must:
A. have served a minimum of ten (10) years of teaching in the District (excluding time on unpaid leave of absence), AND
B. have attained at least age 60 or have attained at least thirty-five (35) years of service credit with the Illinois Teachers’ Retirement System (ITRS), OR
C. have attained whatever requirements may be necessary under Illinois Pension Code to eliminate any employer paid retirement penalty on behalf of the teacher. For up to the last three (3) years of the eligible teacher’s employment, the teacher shall receive a four and three quarters percent (4.75%) increase in their base salary over the base salary of the preceding year. Eligible teachers applying for this incentive must submit an irrevocable written notice to the Superintendent on or before March 1 of the school term of the year prior to the first year in which the teacher expects a four and three quarters percent (4.75%) increase in their base salary. A teacher may petition the Board to rescind his/her notice of retirement, which may be approved or refused by the Board within its sole discretion and which decision may not be challenged through the grievance procedure. In the event the Board agrees to the rescission of the retirement notice, the teacher must agree to repay the amount of the retirement incentive paid by the Board, which may include execution of a promissory note to secure repayment. A teacher who gives written notice of retirement shall within his/her last three years of employment be entitled to additional extracurricular duties if payfor such does not exceed a six percent (6%) increase in total creditable earnings over the creditable earnings reported to the Illinois Teachers Retirement System in the previous school year. I, , assert and promise as follows: If the Board approves a request to rescind or postpone my retirement date, then for value received, I promise to pay to the order of the Board of Education of Community Consolidated School District #46, the total sum of all amounts (including withholding and other taxes) added to my compensation by the Board of Education of Community Consolidated School District #46 as a consequence of my having elected retirement pursuant to Article V. P. of the Collective Bargaining Agreement in effect between said Board of Education and the Grayslake Federation of Teachers of the Lake County Federation of Teachers, Local 504, IFT-AFT/AFL-CIO. Such pay...
District Retirement Incentive. Eligible employees with at least ten (10) continuous years of full-time employment in the District at the time of retirement are entitled to the following retirement benefits if the following conditions are met:
1. The employee gives a written irrevocable retirement notice to the Superintendent or designee no later than May 1st of the third school year prior to retirement, and
2. The employee remains employed by the BOARD as an ESP for two (2) school years after the year the notice of retirement is given. If all of these conditions are met, the employee will receive the following benefits:
1. The employee’s base salary will be increased by five percent (5%) over the prior year’s base salary, in lieu of the scheduled raise, for each of the two (2) remaining years of employment. In each of these final two (2) years, the Board shall match up to $1,500 of an employee’s contribution to a tax-sheltered annuity plan.
2. Notwithstanding these benefits, no employee may receive more than 6% pensionable earnings increase in any of the final four years of employment.
District Retirement Incentive. A. Any unit member represented by this Agreement in the Rensselaer City School District who, during the term of this Agreement, retire from the District when he/she first becomes eligible under the New York State Teachers’ Retirement System, and who have ten or more years of continuous service in the District, shall be paid seventy dollars ($70) per day for each unused day of sick leave to a maximum of two hundred fifty ( 250 ) days.
B. The unit member who retires at the first period of eligibility will provide the District with six (6) months notice prior to January 30 or June 30 retirement. The member shall provide an irrevocable letter of resignation and retirement at that time.
C. Any unit member who does not retire at the first period of eligibility, as stated above, will not be entitled to the Retirement Incentive.
D. The retired member shall receive the payment for unused sick leave within sixty (60) days of retirement or, at the member’s option, in the next calendar year thereafter. The retired member may also have the option to apply the payment toward health insurance premiums after retirement.
E. In the event the District enrolls in any State Retirement Incentive offered, the member may select either the District Retirement Incentive or the State Retirement Incentive, if applicable, but not both.
F. The District Retirement Incentive will fully terminate at the expiration of the term of this Agreement.
